HomeMy WebLinkAboutLuttrell, M.M. Contract for Sale and Purchase -1984 02 17~~ ~ CoNTRacY ~~f~'saL~ anl~ >~t~ ~~ , ~-~-~-,: - ~ ~~...,~ r ~~ ~~,
~Iw~RT1ES: ~~~ M. M. LU7.'I~rL, a r widos , as "s.ita~r,.~ `
,,~ anae Avenue Winter wigs ~ {Pion. 327-x_309 „ j,
';,,d CITY OF WIlV'i~"R SPRINGS, a Florida, inaarporated mur-~.cipality ~, .°p~„ 1~..,
of 400 N Edcreiron Avenue. Winter. SpringsL FL 32708 (Peon. 3~~~0~ ),!
Mreby agree that the Sailor shalt sell and Buye- shell buy the following property upon the following forma and conditions WHICH INCLUDE the Standards For
lied Estate Trsnsactlons on the rawrse hs-eof or attached hereto, heninrttar referred to as "Standard(s)".
1. DESCRIPTION:-
. la) Legal description of real estate ("Property"') located in Semz,nOle County, Florida:
Lots 1 through 25 and including Hoover Street and Luttrell Lane, Luttrell
y~'.. Park as recorded in Plat Book 11, Pgae 44 of the Public Records of Seminole
Crnulty, Florida.
Ibl Street address, it any, of the Property being conveyed Is ++^'2' ' 419
(c) Personal property included:
N/A
i{. PURCHASE PRICE:. ~Stl~ted, ~. See ,Special. Clauses .... s 143,338:93
PAYMENT: '~
i' w, c
(al Deposit(s) to be hold in escrow by _ A. BJ.iu.ord Realty CO. ~ IriC.
in the amount of . .S 509.00 .
(b) Subject to AND assumption of Mortgage in favor of .b/a _
bearing interest at n/a % per annum and payable as to principal and -_
interests per month, having sn approximate present principal balance of . s
Ic1 Purchase money mortgage end Hots bearing interest at n a % on terms set forth herein below, in the --
principal amount of _ s
(d) Other s --
la) Balance to close, IU.S. cash, certified or eashia's cheek) subject to adjustments end proretions .~ . s ~4~r<a 83E.93 '
Special Clauses TOTALS 143,338.93
j''Ili, FINANCING: If the purchase price or any part thereof is to be financed by a third party loan, this Contract for Sale and Purchase, ("Contract"), is con-
: dttioned upon the Buyer obtaining a firm commitment for said loon within Y1/a days from date hereof, at en interest rate not to exceed
n~(a %; term of n/a years: end in the principal amount of s ____~ .Buyer agrees to make application for, end to use reasonsbla difi-
Ipanee to obtain said loan. Should Buyer fail to obtain same or to waive Buya nghts hereunder within said time, either perry may cancel Contract.
iV. TITLE EVIDENCE: Within ~~~ days from date of Contract, Seller shall, at his expense, deliver to Buyer or his attorney, in accordance with
Standard A., either (CHECK) ^ l11 or C~(2): l1) abstract, or 12) title insurance commitment with fee owner's title policy premium to ba paid by Seller at closing.
Y. TIME FOR ACCEPTANCE AND EFFECTIVE DATE: If this offer is not executed by both of the parties hereto on or before ~'~-._a~-.-~ 9~d
the aforesaid deposit(s) shall be, et the option of Buyer, returned to him and this offer shall thereafter be null and void. The date of Contract "Effective Date")
Ilh~ll be the date when the last one of the Seller and Buyer has signed this offer. c~jprylll~n~'~$],jl with t1'le bOTK~ C10$-
V!. CLOSING DATE: This transaction shell be closed end the deed and other closing papers delivered on the ~ nrr cac C:rto[•~a1 ,
;_ ?';1 ,unless extended by other provisions of Contract. C1auS@S
VIL RESTRICTIONS, EASEMENTS, LIMITATIONS: The euYSr shall take title subject to: 2oning, restNctions, prohibitions and other requirements imposed by
jrervernmentN authority; Restrictions and matters appearing on the plat or otherwise common to the subdivision; Public utility easements of record, (provided said
slNemsnt~ era located contiguous throughout the property lines and are not more then 10 feet in width as to the rear or front lines and 7Y: feat in width as to the
aide lines, unless otherwise specified haainl; Taxes for yea of clot)ng and subsequent years, assumed mortgages and purchase money mortgages, if any;
erthsr. t
provided, however, that none of the foregoing shall prevent use of the Property for the purpose of 1tlllt'11 wl=Yk'3~ Q(~)~~,~X_
`' Vtll. OCCUPANCY: Seller represents that there are no parties in occupancy other then Sailer, but if Property is intended to be rented or occupied beyond closing;,
iMe fact and terms thereof shall be stated herein, and the tenant(s) shall be disclosed pursuant to Standard G. Seller agrees to deliver occupancy of Property at
time of closing unless otherwise specified below. If occupancy is to be delivered prior to closingr Buyer assumes all risk of loss to Property from date of Occu-
pancy, shalt be responsible end liable for maintenance thereof from said date, and shall be deemed to have accepted the Property, real and personal, in its existing
condition as of time of taking occupancy unless otherwise noted in writing.
IX. ASSIGNABILITY: (CHECK ONE) Buyer [$may assign ^ may not assign, Contract.
X, TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions Inserted herein or attached hereto as Addenda shall control
aH printed provisions in conflict therewith.
X1. INSULATION RIDER: If Contract is used for the sale of s new residence, the Insulation Rider shall be attached hereto and made a pan hereof.
Xlf. SPECIAL CLAUSES:
See Special Clauses in the attached Exhibi>~ "A which is attached hereto
and made a part hereof by reference.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRAS"•T.
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR ?0 SIGNING.
THIS HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS ANOT9iE Fl i3RIDA BAR
Copyright 1981 by The Florida Bar and the Florida Association of REALTrO~R/fi
Executed by Buyer on ~ ' (? ~ 5 ~~
WI SS : (Two r o mended bu~NOT required)
` (sEALj
( er)
(SEAL-
Buyer ,
Executed by alter on• "'
WITNESSES: (Two recommended but NOT required)
~ ~.~..~ j.. r / ~ ~,i . ~ (SEAL)
M. M. L' (Sauer)
(SEAL)
(Sella)
Otpositls) u~ (a) received ~ chalk, subject to clear -
By. ~i
(Escrow Agent)
-$ROKERAGE FEE: Seller agrees to pay the registered real estate Broker named below, at time of closing., from the disbursements of the proceeds of Sala, com-
psnsetfon In the amount of 1~ % of gross purchase price or 5 ,for his services in effecting the sale by finding a Buya, ready,
;iprflling and able to purchase pursuant to the foregoing Contract. In the event Buyer fails to perform end deposit(r) fs retained, 50 % theroof, but not exceeding the
.: $roker'a fee above computed, shall be paid to the Broker, as full consideration for Broker's services including roars expended by Broker, and the balsnca ahaN ba
.paid to Seller, If the transaction shalt not be closed because of refusal or failuro of Seller to perform, the Seller shall pay said fee in full to Broker on demand. ``
~~ ,~ ,$y~rl Rp~l,t-t~ n ~ Tnr (SEAL) tSEAI)
(Noma of Broker) I5eflor) °
(SEAL)
REV.: 3l8t (Seller)
' STANDARDS FOR REAL ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE: m An abstract of title prepared or brought current 6y a reputable and existing abstract firm (if not existing then certified as correct by
M existing firm) purporting to be an accurate synopsis of the instruments affecting the title to subject Property recorded in the public records of the county where•
In iha Property is situated, through Effective Date. An abstract shall commence with the earliest public records, or such later date as may bs customary in the
county wherein the Property is situated. $ellar shell convey a markebble title subject only to liens, encumbrances, exceptions or qualifications sat forth !n this COn-
tract and those which shall be discharged by Ssllar at or before closing. Marketable title shall be determined in accordance with applicable Title Standards adopted
by agthorlty of The Florida Bar end in accordance with taw. {jpon closing of this transaction such abstract shall become the property of Buyer, subject to the right
of retention thereof by first mortgages until fully paid;. or 4'iJ a title inwranca commltmant iswad by a qualified title Inwror agreeing to itwa to Buyer, upOR
recording of the deed to Buyer, sn Owner's. policy of title inwranca n t e amount o the purchase pr(ce, Insuring title of the Buyer to the Property, wbjaet
only to Rene, encumbrances, exceptions or qusliflcationt tat forth in shit Contract and tfiow which shall be discharged by Seller at or before closing. Buyer shatF`'.
haw 30 days, if abaract, or 5 days, if title commitment, from data of receiving widence of title to examine same. If title is found defective, Buysr shall, wlthlq p°t=
days therNftsr, notify Seller in writing specifying defeetle). If said defect(s) render title unmarketable, Seller shall haw 120 days from receipt of notice wlthirYi'
whk:h W ramous said defect(s), and if Seller is unwccNSfui in removing them within said time, Buyer shall have the option of either 111 accepting the title asdt.;
than Is, or {2) demanding a refund of ell monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buysr end Seller shall be released, as t0
one another, of all further obligations under the Contract; howwer, Seller agrees that he will, if title is found to be unmarketable, use diligent effort to correct the
defeat(s) in title within the time provided therefor, including the bringing of necessary suits.
B. EXISTING MORTGAGES: Seller shall furnish a statement from the mortgagee(s) setting forth principal balance, method of payment, Interest rate and whether 'i
the mortgage(s),-js in good standing. If a mortgage requires approval of the Buysr by the mortgagee in orcj,@t to avoid default, or for assumption by the Buysr of saki j
mortgage, and LIJ the mortgagee does not approve the Buysr, the Buysr may rescind the Contract, or lZl requires an increase in the interest rate or charges a fan '
for any reason in excess of 5100.00, the Buyer may rescind the Contract unless Seller elects to pay such increase or excess. Salter and Buyer shall each pay 50% of
wch fee. Buyer shall use reasonable diligence to Obtain approval. Tha amount of any escrow deposits held by mortgagee shall bs credited to Seller.
first mortgage and a 15 day grace period if s second mortgage; shell provide for right of prepayment in whole or in all not provide farI
acceleration o- Interest adjustment in event of resale of the Property; end shell be otherwise I "`required by Seller's attorney; provided, howwer,
Seller may only require clauses customarily found In mortgages and nerslly utilized by savings and loan institutions in the county whereto the
Property It located. Said mortgage shall r e encumbered Property to keep all prior liens and encumbrances in good standing and forbid the
Owner of the Pr ng modlficatiom of or future advances under prior mortgage(s). All personal property being conveyed will, at option of Ssllar, ~
#; .rr+ay-Revs tF+e-iirspart
-N+tepde~ i'ropartgrin (set
. ot: j
occurs last, may have the improvements inspected at Buyer's expense by a Certified Pest Control Operator to determine wheth a active termite
infestation err v(sible existing damage from tarmlte lnfssution in the improvements. If Buyer is informed oL o the foregoing, Buyer will have 4 days
from date of written notice thereof or 2 days after selection of a contractor, whi Byes-ceaars'nY'E'i, within which to have all damages, whether visible or not, in-
specbd and estimated by a licensed building or general co Sef4er3Ti~a pay valid costs of treatment and repair of all damage up to 1X% of Purchase Price..i
Should wch costs exceed that emo eve the option of cancelling Contract within 5 days after receipt of contractor's reparr estrmate y g v ng'+
written notic er may elect to proceed with the transaction, in which event Buyer shell receive a credit at closing of an amount equal to 1 X% of
F, INGRESS AND EGRESS: Seller warrants that there is ingress and egress to the Property sufficient for the intended use as described in Paragraph VII hereof,:
the title to which is in accordance with Standard A.
G. LEASES: Seller shall, not less than 15 days prior to cbsing, furnish to Buyer copies of ell written leases and estoppel letters from each tenant specifying thr'
nature and duration of said tenant's occupancy, rental rates and advanced rent and security dapocits paid bV tenant. In the event Seller is unable to obtain wch.'
letter from each tenant, the same information shall be furnished by Seller to Buysr within said time period in the form of a Seller's affidavit, and Buyer may'
thereafter contact tenants to confirm such information. Seller shall deliver and assign all original leases to Buysr at closing.
H. LIENS: Seller shall, both as to the Property end personalty being sold hereunder, furnish to Buyer at time of closing an affidavit attesting to the absence, unless'
otherwise provided for herein, of any financing itabmants, claims of lien or potential (tenors known to Seller and further attesting that there have been no improve-,
manta to the Property for 90 days immediately preceding date of closing. If the Property has been improved within said time, Seller shall deliver releases or waivers'
of all mechanic's liens, executed by general-contractors, subcontractors, suppliers, and materialmen, in addition to Seller's lien affidavit setting forth the names of
all such general contractors, subcontractor!;-wppllers end materialmen and further reciting that in fact all bills for work to the Property which coultl serve as a basis
for a mechanic's lion have bean paid or wilt be geld at closing. ~Janpl 3T1C~ H3dd~oCk P.A
1. PLACE OF CLOSING: Closing shall be held t the office oji'
J. TIME: Time is of the essence of this Contract. Any re erence herein to time periods pf lea than 6 days shall rn the cornputetion mareof exclude Saturdays, Sun*
days and legal holidays, and any time period provided for herein which shall and on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next fuH
businesr day.
K. DOCUMENTS FOR CLOSING: Seller shall furnish deed, mechanic's lien affidavit, assignments of leases, and any corrective instruments that may be raqulred In
connection with perfecting the title. Buyer shall furnish closing ttaternent, mortgage, mortgage note, security agreement, and financing statements.
L. EXPENSES: State documentary stamps which are required to be affixed to the instrument of conveyance, intangible tax on and recording of purchase money`
mortgage to Seller, and cost of recording any corrective instruments shall be paid by Seller. Documentary stamps to be affixed to the note or notes secured by 1hA
purchase money mortgage, coat of recording the deed and financing statements shall be paid by Buyer.
M. PRORATION OF TAXES (REAL AND PERSONAL): Taxes shall be prorated based on the currant year's tax with due allowance made for maximum atlowablgp 1
discount end homestead or other exemptions if allowed fot said year. It closing occurs at a data when the current year's millaga is not fixed, and current yNr'>r";
auessment is available, taxes will be prorated based upon such assessment, and the prior year's millaga. If current year's assessment is not available, then taxes wilt '
be prorated on the prior year's tax; provided, however, if there are completed Improvements on the Property by January 1st of year of closing, which imprownienta.!
omen not in exirbnce on January 1st of the prior year, Ntsn taxes shell ba prorated based upon the prior year's millaga and at an equitable assessment to be agreed'' j
upon between the parties, failing which, request wlil be made to the County Property Appraiser for an informal assessment taking into contidsratlonhomestead ti
exemption, if any. However, any tax prorat{on based on an estimate may at request of either party to the transaction be subsequently readjusted upon receipt erf.;~
tax bill on condition that a statement to that affect is set forth in the closing statement.
N. SPECIAL ASSESSMENT LIENS: CertFffed, confirmed and ratified special assessment liens as of date of closing (and not as of Effective Data) era to be pe7d~
by Ssllar. Pending liens as of date of ciosing shall be assumed by Buyer, provided, however, that where the improvement has been substantially completed at of tAre j
Effective Date, tuck pending lien shall be considered as certified, confirmed or retitled and Seller shall, at closing, be charged an amount equal to the last sstit»itil
by the public body, of the assessment for the improvement.
- ri
G+-a~aACB~- '
working condition as of 6 days prior to closing. Buyw may, et his expense, have inspsctipns made of ea rng in the repair end rnaM-,'
tenance thereof, and shall report in writing to Seller such I n r on prior to taking of possession thereof, or 6 days prior to closifrg,
whichever is first. Unle near period, he shall be deemed to have waived Seller's warranty as to failures not reported. Valid reportrll;
P. RISK OF LOSS: If the improvements are damaged bV fire or other casualty prior to closing, and costs of restoring same does not exceed 3%of the AssetsliMd'
Valuation of the impravementt so damaged, coat of restoration shall he an obligation of the Seller and closing shall proceed pursuant to the tsrmi o~~onfisat ;
w t cost thsrafor escrowed et closing. In the event the cost of repair or restoration exceeds 3% of the assessed valuation of the improvements so damaged, Buysr:
shall have the option of either taking the Property as is, together with either the said 3% or any insurance proceeds payable by virtue of such loss or damage, err ql!
cancelling Contract and receiving return of deposit(s) made hereunder.
O. MAINTENANCE: Notwithstanding the provls)ona of Standard O., between Effective Dats and closing date, personal property referred to in Standard Q,~
and real property, Including lawn, shrubbery and pool, if any, shall be maintained by Sailer in the condition they existed at of Effective Data, ordinary wear at*d ~
tsar excepted, end Buyer or Buyer's designee wilt be permitted access for inspection prior to closing in order to confirm compliance with this Standard. `'k
R. PROCEEDS OF SALE AND CLOSING PROCEDURE: "The dead shell be recorded upon clearance of funds end evidence of title continued at Buyer's axpenea, i'
to show title in Buyer, without any encumbrsncas or change which would render Seller's tills unmarketable from the date of the last evidence, and the cash pt0«'~
csede of sale shall ba held in escrow by Seller's attorney or by such other escrow agent as may bs mutually agreed upon for a period of not longer than b dayil..
from and attar closing date. If Shcer's title la rendered unmarketable, Buysr shat! within qid 5 day period, notify Seller in writing of the defect end Ssllar shalt {
home 30 days from date of receipt of wch notification to cure said defect. In the event Seller fails to timely cure said defect, all monies paid hereunder shall, upon- t
written demand thsrafor and within 5 days thereafter, be returned to Buyer and, simultaneously with wch repayment, Buyer shat) vacate the Property and recoE-,1
wy same to the Seller by special warranty dead. I n the went Buyer fails to make timely demand for refund, he shall take title as is, waiving aU rights against SeNer
as to such intervening defect except as may be available to Buyer by virtue of warranties, if any, contained in deed. In the event a portion of the purchaM j
p-Ice is to be derived from institutional financing or refinancing, the requirements of the lending Institution as to place, time of day and procedures far clitrli-.
ing, and for disbursement of mortgage proceeds, shall control, anything in this Contract to the contrary notwithstanding. Provided, however, that the Saliar shakh~
have the right to require from wch land(ng institution at closing a commitment that it will not withhold disbursement of mortgage proceeds as a result of any tills
defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this Standard may be waived in the event the attorney, title agent or closing,
agent Insures against adverse matters pursuant to Section 627.7841, F.S. as emended.
S. ESCROW: Any escrow agent receiving funds is authorized and agrees by acceptance thereof to promptly deposit and to hold same in escrow and to disburse
same subject to clearance thereof in accordance with terms and conditions of Contract. Failure of clearance of funds shall not excuse performsnca by the BuyK. ~
In the went of doubt at to his duties or liabilities under the provisions of this Contract, the escrow agent may in his sole discretion, continue to hold the moniM
which are the subject of this escrow until the parties mutually agree to the disbursement pisreof, or until a judgment of a court of competent Jurisdiction shall ,
determine the ryghts of the parties thereto, or he may deposit all the monist then held purluyit to this Contract with the Clerk of the Circuit Court of the County ,
homing jurlydictfon of the dispute, end upon notifying all parties concerned of such action, AffdiabHiry on the part of the escrow agent shall fully brminste, except
to the extent of accounting for any monies thsretotore delivered out of escrow. If a licensed real estate broker, the escrowea will comply with provisions of Section -j
476.25 (1) (c), F.S., as amended. In the avant of any suit between Buyer and Seller wherein the escrow agent is made a party by virtue of acting as such sscrOw f
agent hereunder, or In the event of any suit wherein escrow spent interpleads the subject matter of this escrow, the escrow agent shall he entitled to recover; ;
reasonsbls attorney's fee and costs incurred, sold fees and costs to be charged and assessed as court costs in favor of the prevailing party. All parties agree that the ?
escrow agent shall not be liable to any party or person whomtowar for mFsdelivery to Buyer or Seller of monies subject to this escrow, unless such misdelivery shall
be due to willful breech of this Contract or gross negligence on the part of the escrow agent.
T. ATTORNEY FEES AND COSTS: In connection with any litigation including appellate proceedings arising out of this Contract, the prwailing party shall be j
entitled to recover reasonable attorney's feet and costs.
.+~U. DEFAULT: If Buyer falls to perform this Contract within the time specified, the deposit(s) paid by the Buyer aforesaid may be retained by or for the account ~~
/ of Seiler as liquidetud damages, consideration for the sxecutlon of this Contract end in full settlement of any claims; whereupon all parties shalt be raliwed of j
all obligations under the Contract; or Ssllar, et his option, may proceed at law or in equity to enforce his legal rights under this Contract. If, for any reason other G
than failure of Seller to render hit title marketable after dilligent effort, Seller fails, neglects or refuses tq perform this Contract, the Buyer may seek specific par+ {
formance or elect to receive the return of hit deposit(s) without thereby waiving any action for damagec rosulting from Seller's breach.
V. CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE: Neither this Contract nor any notice thereof shalt be recorded in any public recort~ls. ?
Thir Contract shall bind end inura to thq benefit of the parties hereto and their successors in interest. Whenwer the context permits, singular shall include plural and i
one gander shall include ail. Notice given by or to the attorney for either party shall be as affective as if given by or to said party.
W. PROBATIONS F.ND INSURANCE: Taxes, assessments; tent, interest, insurance and other expenses and revenue of the Property shall be prorated as of daM'
of closing. Buyer shall have the option of taking over any sxistlny policies of insurance on the Property, ff assumable, in which event premiums shall be ororatid.
Ths cash et closing shall bs increased or dacnswd as may be rsquind by said prgrations. All references In Contract to prorations as of date of closing will bs
deemed "dab of occupancy" !t gccupancy occurs prior to closing, unlesr otherwise provided for herein.
X. CONVEYANCE: Seller shall convey title to the Property by statutory werrenty deed subject only to matters contained in Paragraph VII hereof and More other-`..
wig accepted by Buysr. Personal property shell, at the request of Buysr, be conveyed by an absolute bill of sale with warranty of title, subject to such starts a! may
be otharwlp provided for herein.
V. OTHER AGREEMENTS: No prior qr present agreement or representations shall be binding upon any of the parties hereto unless incorporated in this Contract. j.
No modlflcst)on or change in thin Cgntrsct shell be valid or binding upon the panics unless in writing, executed by the pertiss to be bound thereby.
~, ,
~.
EXHIBIT "A"
SPECIAL CLAUSES
These Special Clauses are attached to and made a part of that
certain Contract for Sale and Purchase between M. M. Luttrell
("Seller") and City of Winter Springs ("Buyer") and to the extent
any provisions of the printed Contract are in conflict herein,
the provisions of these Special Clauses shall control.
The parties hereby agree as follows:
1. Calculation of Purchase Price: The total purchase price
shall be calculated and determined on a basis of a purchase price
of $18,965.52 per acre, which total acreage shall be determined
by a survey to be furnished by Seller. The total acreage shall
include Hoover Street (that portion of which is located within the
platted subdivision), Luttrell Lane and the South 1/2 of Second
Street (that portion of which is contiguous with the platted sub-
division of Luttrell Park),
.~~~~ePe ~ ~r~~ ~~e $t~~e~-~ ~ ~~e-~r eat-s-a~e~~a . //
/ ~
2. Conditions Precedent: This Contract is contingen u o
the Buyer being able to satisfy .the following conditions:
(a) That the property is properly zoned to permit the use
of the property for a municipal complex. In the event the property
is not properly zoned, then Buyer shall have sixty (60) days from
the date of this Contract is which to accomplish any rezoning.
(b) That there are suitable soil and subsoil conditions
and that the flood prone area of the property, if any, does not
render the property unusable for the Buyer's intended use. Buyer
shall pay for topographical surveys and soil investigation costs.
~~~~;.
~~,~~~~
~~~
(c) That the City sells the bonds described in the Resolu-
tion attached hereto as Exhibit "B" and that the proceeds are availa-
ble to the Buyer for the purposes of acquisition of the property.
(d) That tY~e property has a fair market value determined
by an M.A.I. appraisal of approximately the sales price. Such
appraisal shall be obtained by the Buyer at Buyer's expense within
forty-five (45) days of the execution of this Contract.
All of the above conditions and contingencies shall be fully
satisfied or waived by Buyer on or before ninety (90) days from the
date of this Contract, or the closing date, whichever shall occur
first (said date being hereinafter referred to as the "waiver date").
If any of the above conditions are not satisfied on the waiver date,
Buyer may waive such unsatisfactory conditions and proceed in accor-
dance with all other terms of this Contract, after which date all
conditions shall be deemed satisfied or waived.
If upon the waiver date, any of the above conditions are not
satisfied and Buyer does not waive the same, Buyer may declare in
writing this Contract to be null and void and of no further force
and effect whatsoever, upon which happening Seller shall return
Buyer's deposit and each party shall execute and deliver a full
release of and to the other.
3. Survey: The Seller, within time allowed for delivery of
evidence of title shall have the property surveyed at the Seller's
expense. If the survey, certified by a registered Florida surveyor,
shows any encroachment of said property or that improvements in-
tended to be located on the property encroach on lands of others,
or violate any of the Contract covenants, the same shall be treated
as a title defect.
4. Inspection Rights: Commencing upon the date of this Con-
tract and extending through closing hereunder, Buyer shall have the
right to enter upon the subject property personally or through
(initial)
-1-
(initial)
agents, employees, contractors and representatives for the purposes
of making topographical surveys of same, making rock and soil tests
thereon and in general making tests, analyses and investigations
of the property.
5. Forfeiture of Investigative Data: In the event Buyer
should cause this Contract to be cancelled at such time as would
result in Buyer forfeiting the deposit paid hereunder, all the
investigative data such as topographical surveys, soil tests and
analyses shall be forfeited to the Seller.
6. Balance to Close:
awe=eQ~g ~~e be~ree-fie ~le~e-~s-s}~e~e
'-'-__ ;=:'-sae-t-r-$~i~ ~~z °''-'^~'~~}~--~ °-'asprovided there are no legal
prohibitions, Buyer shall pay at closing one-half (1/2) of the
b a l a n c e t o c l o s e, ~~rrr~th~~c~-e:iz-~a 1 f-;;-r"z-i-e~~r~?-a~~e ~o
j`-~-i ~isirte-i~~~t-s-- Cy c v S i ^r G 5/x•9 t c - %~Kc-' !'~ .mac c= " fi-~ /! & ~!
i f/~ ~' THc-~ %2 r~F 7~c= ~y~4 c.~9~c,~ ~ F Tv c ~ 0 5 [= S'S';''c'~ F ~ f'~%~
n
f ~r~i7 /S~f,(~f T'/ c~/„S, `!~ ~/=l~E /J7QG !~L-~ %7'~~ ~1/
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(initial)
(initial)
-2-
PARTIES:
of
CONTRACT FOR SALE AND PURCHASE
an~ CITY OF L SPRINGS a Florida lridOrpOrated municipality , a: °Buyer'.,
of 400 N. Edc~emon Avenue, Winter Staringsf FL 32708 (Phone - ),
hereby agree that the Seller shall sell ^nd Buyer shell buy the following property upon the following terms and conditions WHICH INCLUDE the Standards For
Reel Estate Transactions on the reverse hereof or attached hereto, hereinafter referred to as "Standard(s)".
DESCRIPTION:.
(a) Legal description of real estate ("Property") located in Seminole County, Florida:
Lots 1 through 25 and including Hoover Street and Luttrell Lane, Luttrell
Park as recorded in Plat Book 11, Pgae 44 of the Public Records of Seminole
County, Florida.
(b) Street address, if any, of the Property being conveyed is
(c) Personal property included:
N/A
PURCHASE PRICE:..... ~... estimated -. See ,Special. Clauses . , .... , ,
PAYMENT:
(e) Deposit(s) to be held in escrow by TOm A. Binford Realty CO. ~ Inc.
in the amount of . .
Hwy. 419
es "Seller",
(Phone 327-a 309 ),
.$ 143, 338.93
.$ 500.00
(b) Subject to AND assumption of Mortgage in favor of
bearing interest at ~.r? _% per annum and payable as to principal and
interest $ per month, having an approximate present principal balance of . $
(c) Purchase money mortgage end note bearing interest at n/a % on terms set forth herein below, in the
principal amount of .$
(d) Other $
(e) Balance to close, (U.S. cash, certified or cashier's check) subject to adjustments and prorations .~~ . .$ 142,.838.93
Special Clauses
TOTAL .$ 143 338.93
III. FINANCING: If the purchase price or any part thereof is to be financed by a third party loan, this Contract for Sale and Purchase, ("Contract"), is con-
ditioned upon the Buyer obtaining a firm commitment for said loan within n/a days from date hereof, at an interest rate not to exceed
.~._%; term of .~"~years; and in the principal amount of $ _. Buyer agrees to make application for, and to use ressonable dili-
gence to obtain sold loan. Should Buyer fail to}o`b'tain same or to waive Buyer rights hereunder within said time, either party may cancel Contract.
I V. TITLE EVIDENCE: Within ~~-r'~Y days from date of Contract, Seller shall, at his expense, deliver to Buyer or his attorney, in accordance with
Standard A., either (CHECK) ^ 11) or C~(2): (1) abstract, or (2) title insurance commitment with fee owner's title policy premium to be paid by Seller at closing.
V. TIME FOR ACCEPTANCE AND EFFECTIVE DATE: If this offer is not executed by both of the parties hereto on or before Fahnlarv 2d _ 1 4Rd
the aforesaid deposit(s) shalt be, at the option of Buyer, returned to him and this offer shall thereafter be null and void. The date of Contract ("Effective Date")
shall be the date when the last one of the Seller and Buyer has signed this offer. sa.zrn}ltaneOUSly, Wlth the bond C10S-
VI. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on the _ }g~ c~~ Strwr~y,~l ,
19 ,unless extended by other provisions of Contract. Clauses
VII. RESTRICTIONS, EASEMENTS, LIMITATIONS: The Buyer shall take title subject to: Zoning, restrictions, prohibitions and other requirements imposed by
governmental authority; Restrictions and matters appearing on the plat or otherwise common to the subdivision; Public utility easements of record, (provided said
easements are located contiguous throughout the property tines and are not more than 10 feet in width as to the rear or front lines and 7%a feet in width as to the
side lines, unless otherwise specified herein); Taxes for year of closing and subsequent years, assumed mortgages and purchase money mortgages, if any;
other. nnna
provided, however, that none of the foregoing shall prevent use of the Property for the purpose of Itll1T'1l Cl_jZa I I ~X
VIII. OCCUPANCY: Seller represents that there are no parties in occupancy other than Seller, but if Property is intended to be rented or occupied beyond closing,
the fact and terms thereof shall be stated herein, and the tenant(s) shall be disclosed pursuant to Standard G. Seller agrees to deliver occupancy of Property at
time of closing unless otherwise specified below. If occupancy is to be delivered prior to closing, Buyer assumes all risk of loss to Property from date of occu-
pancy, shall be responsible and liable for maintenance thereof from said date, and shall be deemed to have accepted the Property, real and personal, in its existing
condition as of time of taking occupancy unless otherwise noted in writing.
IX. ASSIGNABILITY: (CHECK ONE) Buyer (~rnay assign ^ may not assign, Contract.
X. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall control
all printed provisions in conflict therewith.
XI. INSULATION RIDER: If Contract is used for the sale of a new residence, the Insulation Rider shall be attached hereto and made a part hereof.
XII. SPECIAL CLAUSES:
See Special Clauses in the attached ~chibit "A which is attached hereto
and made a part hereof by reference.
----------------
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TD SIGNING.
THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND TF~ FLORIDA BAR
Copyright 1981 by The Florida Bar and the Florida Association of REALTORS -
Executed by Buyer on ~-.G~+-
WIT SE (Two rec dad but NO required)
(SEAL)
(Buyer)
~ (SEAL)
Executed b Seller on•
WITNESSES: (Two recommended but NOT required)
,--~.,~~..~--~~ ~ ~_...~~~ ~ ~ , y
~~ J' (SEAL)
M. M. LLPPI'RELL (saner)
(SEAL)
(Seller)
Deposit(s) under II (a) received; if check, subject to anc
By; ~
(Escrow Ag )
BROKERAGE FEE: Seller agrees to pay the registered real estate Broker named below, at time of closing, from the disbursements of the proceeds of sale, com-
pensation in the amount of 10 % of gross purchase price or $ ,for his services in effecting the sale by finding a Buyer, ready,
willing and able to purchase pursuant to the foregoing Contract. In the event Buyer fails to perform and deposit(s) is retained, 50% thereof, but not exceeding the
Broker's fee above computed, shall be paid to the Broker, as full consideration for Broker's services including costs expended by Broker, and the balance shall be
pald to Seller. If the transaction shall not be closed because of refusal or failure of Seller to perform, the Seller shall pay Bald fee in full to Broker on demand.
-'~)CiGI'l A S3~Y~fGlz'C~-R~~.~ ty--~,Gl-.y IYlr" (SEAL) (SEAL)
(Name of Broker) (Seller)
(SEAL)
REV.: 3/81 (Seller)
4 v { ~
EXHIBIT "A"
SPECIAL CLAUSES
These Special Clauses are attached to and made a part of that
certain Contract for Sale and Purchase between M. M. Luttrell
("Seller") and City of Winter Springs ("Buyer") and to the extent
any provisions of the printed Contract are in conflict herein,
the provisions of these Special Clauses shall control.
The parties hereby agree as follows:
1. Calculation of Purchase Price: The total purchase price
shall be calculated and determined on a basis of a purchase price
of $18,965.52 per acre, which total acreage shall be determined
by a survey to be furnished by Seller. The total acreage shall
include Hoover Street (that portion of which is located within the
platted subdivision), Luttrell Lane and the South 1/2 of Second
Street (that portion of which is contiguous with the platted sub- {
division of Luttrell Park) ~~~' ~'~ a~~~ - ~_ "' - " "`-F~~~.7i~~`~`
t Lv ~. ti7
1.1.. .. ...... i..~.. «.L.::_r_~. LL. ..D. J-L. .~. .-..1-~.. i.~r. -~r~~~-~~ \ ~ ~ /fIIL l!I r!'"J~
2. Conditions Precedent: This Contract is Conti gent ~.ipon
the Buyer being able to satisfy the following conditio
(a) That the property is properly zoned to permit the use
of the property for a municipal complex. In the event the property
is not properly zoned, then Buyer shall have sixty (60) days from
the date of this Contract is which to accomplish any rezoning.
(b) That there are suitable soil and subsoil conditions
and that the flood prone area of the property, if any, does not
render the property unusable for the Buyer's intended use. Buyer
shall pay for topographical surveys and soil investigation costs.
(c) That the City sells the bonds described in the Resolu-
tion attached hereto as Exhibit "B" and that the proceeds are availa-
ble to the Buyer for the purposes of acquisition of the property.
(d) That the property has a fair market value determined
by an M.A.I. appraisal of approximately the sales price. Such
appraisal shall be obtained by the Buyer at Buyer's expense within
forty-five (45) days of the execution of this Contract.
All of the above conditions and contingencies shall be fully
satisfied or waived by Buyer on or before ninety (90) days from the
date of this Contract, or the closing date, whichever shall occur
first (said date being hereinafter referred to as the "waiver date").
If any of the above conditions are not satisfied on the waiver date,
Buyer may waive such unsatisfactory conditions and proceed in accor-
dance with all other terms of this Contract, after which date all
conditions shall be deemed satisfied or waived.
If upon the waiver date, any of the above conditions are not
satisfied and Buyer does not waive the same, Buyer may declare in
writing this Contract to be null and void and of no further force
and effect whatsoever, upon which happening Seller shall return
Buyer's deposit and each party shall execute and deliver a full
release of and to the other.
3. Survey: The Seller, within time allowed for delivery of
evidence of title shall have the property surveyed at the Seller's
expense. If the survey, certified by a registered Florida surveyor,
shows any encroachment of said property or that improvements in-
tended to be located on the property encroach on lands of others,
or violate any of the Contract covenants, the same shall be treated
as a title defect.
4. Ins ection Rights: Commencing upon the date of this Con-
tract and extending through closing hereunder, Buyer shall have the
right to enter upon the subject property personally or ~hrough
(initial)
-1- (~
__ ~ ~~ . ~~'~ .;}~ ( initial )
.~ . t
agents, employees, contractors and representatives for the purposes
of making topographical surveys of same, making rock and soil tests
thereon and in general making tests, analyses and investigations
of the property.
analyses shall be forfeited to the Seller.
5. _Forfeiture of Investigative Data: In the event Buyer
should cause this Contract to be cancelled at such time as would
result in Buyer forfeiting the deposit paid thereunder, all the
investigative data such as topographical surveys, soil tests and
6. Balance to Close: ,
.~ e~ ; - l~ ~ ~' ~°~r ~ ~- ~ __°-~_= a ~~rovided there are no legal
prohibitions, Buyer shall pay at closing one-half (1/2) of the
l ~~~
~ zt~
-
~b~ -;--e€ ~~e ~aa
-rl-{? anc
~ c tra
-
ose,•ni
balance to c re
e
~o~~
iE a . -
trY~--~~: ~~6 ~~~--69i~F~2 ~£ti ~ ~ 4~ c~ f,~J Cs S' h' ~'c c i r/Kc /` 6, ~tC-c i~~/ / ~ ~r'y
% y4 ~" 7~r% ~Z G a` ~t "" ~~ c,r~,v f c=~ ?d C_ L c' S e~° -S/~'A~[.- ~~ f~~ ~~
~'~ / y t~` S . .Z~~/ /'7f ~- i9L ~72.~'r,~ r ~ ~~ e. ~ .1. /= 775~c='~c- /~~ l;
L l~ G G C~ ~L.
~~~~"y~~i TiG~..s 7Z' Ti~L ft(/G~ ~~~ %~-f~C~~y
8`~r~~z ~~ y P.~y T~~~
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(initial)
(initial)
-2-
__ __ _
~~+~
- -.--~ CONTRACT FOR SALE AND PURCHASE
PARTIES: M. M. LUTTRELI,, a sinale person (widOS) ,.s••s.llr
of 1280 N. Orancre Avenue, Winter Springs, FL 3~ (Phone 327-1309
.nd_ CITY OF WINTER SPRINGS, a Florida incorporated municipality ,.."9uyt
of _ 400 N. Edgemon Avenue. Winter SiJrlrigS f~~'FL 32708 (Phone -
hereby spree thst the Seller shall sell and Buyer shall buy the following property upon the following terms end conditions WHICH INCLUDE the Standards
Reel Esteta Transactions on the reverse hereof or stteched hereto, hereinafter referrstf to as "Standard(s)".
1. DESCRIPTION:
(e) Legal description of real estate ("Property") located in Seminole County, Florida:
Lots 1 through 25 and including Hoover Street and Luttrell Lane, Luttrell
Park as recorded in Plat Book 11, Pgae 44 of the Public Records of Seminole
County, Florida.
Ib) Street address, if any, of the Property being conveyed is HWy. 419
Ic) Personal property included:
N/A
I1. PURCHASE PRICE:....... Estimated. -. See, Special, Clauses .S ,143, 338.93
PAYMENT:
la) Depofitlt) to be held in escrow by Tam A. Blnford Realty CO. , Iric•
in the amount of . .$ 500.00
(b) Subject to AND assumption of Mortgage in favor of ,n/a .
bearing interest at ~1,/a % per annum and payable as to principal and __
interest $ per month, having an approximate present principal balance of . $
Ic) Purchsse money mortgage and note bearing interest st r1/a % on terms set forth herein below, in the --
principal amount of .$
Id1 Other $ --
le) Belanca to close, (U.S. cash, certified or cashier's check) subject to sdjustments and prorations .S~ . . . .$ 1428838.93
Special Clauses
TOTAL.$ 143,338.93
III. FINANCING: If the purchase price or any part thereof is to be financed by a third party loan, this Contract for Sale and Purchase, ("Contract"), is r
ditioned upon the Buyer obtaining a firm commitment for said loan within n/a days from date hereof, at an interest rate not to exc
n/a %: term of n/a years; and in the principal amount of $ / Buyer agrees to mske application for, end to use reasonable c
pence to obtain said loan. Should Buyer fail to obtain same or to waive Buye~rrights h~ ereunder within said time, either party may cancel Contract.
IV. TITLE EVIDENCE: Within ~1-~-y days from date of Contract, Seller shall, at his expense, deliver to Buyer or his attorney, in accordance ~
Standard A., either (CHECK) ^111 or L~2): (1) abstract, or 12) title insurance commitment with fee owner's title policy premium to be paid by Seller at closir
V. TIME FOR ACCEPTANCE AND EFFECTIVE DATE: If this offer is not executed by both of the parties hereto on or before -E~_-2~.y_-1.9E
the aforesaid deposit(s) shall be, at the option of Buyer, returned to him and this offer shall thereafter be null and void. The date of Contract "Effective Da
shall be the date when the last one of the Seller and Buyer has signed this offer. S~ltaneouSly Wlth the bond Cl
VI. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on the/ ~DitPVfi nn _ caA ~rtrx•i al
19 ,unless extended by other provisions of Contract. ClaUSeS
VII. RESTRICTIONS, EASEMENTS, LIMITATIONS: The Buyer shall take title subject to: Zoning, restrictions, prohibitions and other requirements imposed
governmental authority; Restrictions and matters appearing on the plat or otherwise common to the subdivision; Public utility easements of record, (provided s
easements ere located contiguous throughout the property lines and are not more than 10 feat in width as to the rear or front lines and 7 ~ feet in width as to
tide lines, unless otherwise specified herein); Taxes for year of closing and subsequent years, sssumed mortgages end purchase money mortgagee, if e
Other. T1C~nP
provided, however, that none of the foregoing shall prevent use of the Property for the purpose of 1TR71'1l C1rT18 I CCk17= ~ ~X
VIII. OCCUPANCY: Seller represents that there are no parties in occupancy other than Seller, but if Property is intended to be rented or occupied beyond clos
the fact and terms thereof shall be stated herein, and the tenantls) shall be disclosed pursuant to Standard G. Seller agrees to deliver occupancy of Property
time of closing unless otherwise specified below. If occupancy is to be delivered prior to closing, Buyer assumes all risk of loss to Property from date of o~
pancy, shall be responsible and liable for maintenance thereof from said date, and shall be deemed to have accepted the Property, real and personal, in its axis
condition as of time of taking occupancy unless otherwise noted in writing.
IX. ASSIGNABILITY: (CHECK ONE) Buyer [may assign ^ may not assign, Contract.
X. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions inserted herein or attached hereto as Addenda shall con•
all printed provisions in conflict therewith.
XI. INSULATION RIDER: If Contract is used for the sale of a new residence, the Insulation Rider shall be attached hereto and made a part hereof.
XII. SPECIAL CLAUSES:
See S>7ecial Clauses in the attached Exhibit "A which is attached hereto
and made a part hereof by reference.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF NOLEULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO ~i(iNIN;;.
THI~ 1~ORM~ S BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA. BAR
Copyright 1981 by The Florida Bar and the Florida Association of REALTORS
!'
Executed by Buyer on ~~4 ~~ ! 7 p ~ •-
WI S (Two rec m ended but N T required)
(SE.
(B yer)
~ /~ 1 (SE.
/t ~ _ /' A/i~ ~ ,, i 1 h .-`~ ins ~r--
O
WITNESSES: (Tw3 r9ebmmeoded buJ h.OT required)
Depoeitls) under II (al received; if check, subject to clearance.
Executed by Seller on
(Buyer)
M. M. LU'P1'RELL ISener)
ISeI ler)
)Seller)
By; -.._-
)Escrow Agent)
BROKERAGE FEE: Seller agrees to pay the registered real estate Broker named below, at time of closing, from the disbursements of the proceeds of sale, c
pensation In the amount of 10 % of gross purchase price or $ ,for his services In effecting the sale by finding a Buyer, re.
willing and able to purchase pursuant to the foregoing Contract. In the event Buyer fails to perform and deposit(s) is retained, 50°~o thereof, but not exceedins
Broker's fee above computed, shall be paid to the Broker, as full consideration for Broker's services including costs expended by Broker, and the balance she
paid to Seller. If the transaction shall not be closed because of refusal or failure of Seller to perform, the Seller shall pay Bald fee in full to Broker on Bertrand.
~1G~l--A $ll3fOr'CZ RIE'cll.ty-L~.C~ -r I37C (SEAL)
(Name of Broker)
LiFV •'7/81
(SE.
(SE.
ISE,
(SE/
fR.un~r
f
i
. r~
~~
EXHIBIT "A"
SPECIAL CLAUSES
These Special Clauses are attached to and made a part of that
certain Contract for Sale and Purchase between M. M. Luttrell
("Seller") and City of Winter Springs ("Buyer") and to the extent
any provisions of the printed Contract are in conflict herein,
the provisions of these Special Clauses shall control.
The parties hereby agree as follows:
1. Calculation of Purchase Price: The total purchase price
shall be calculated and determined on a basis of a purchase price
of $18,965.52 per acre, which total acreage shall be determined
by a survey to be furnished by Seller. The total acreage shall
include Hoover Street (that portion of which is located within the
platted subdivision), Luttrell Lane and the South 1/2 of Second
Street (that portion of which is contiguous with the platted sub-
division of Luttrell Park), unless is it determined prior to closing
that such property is already owned by the Buyer and will remain
the property of the Buyer if the streets are vacated.
2. Conditions Precedent: This Contract is contingent upon
the Buyer being able to satisfy .the following conditions:
(a) That the property is properly zoned to permit the use
of the property for a municipal complex. In the event the property
is not properly zoned, then Buyer shall have sixty (60) days from
the date of this Contract is which to accomplish any rezoning.
(b) That there are suitable soil and subsoil conditions
and that the flood prone area of the property, if any, does not
render the property unusable for the Buyer's intended use. Buyer
shall pay for topographical surveys and soil investigation costs.
(c) That the City sells the bonds described in the Resolu-
tion attached hereto as Exhibit "B" and that the proceeds are availa-
ble to the Buyer for the purposes of acquisition of the property.
(d) That tY~e property has a fair market value determined
by an M.A.I. appraisal of approximately the sales price. Such
appraisal shall be obtained by the Buyer at Buyer's expense within
forty-five (45) days of the execution of this Contract.
All of the above conditions and contingencies shall be fully
satisfied or waived by Buyer on or before ninety (90) days from the
date of this Contract, or the closing date, whichever shall occur
first (said date being hereinafter referred to as the "waiver date").
If any of the above conditions are not satisfied on the waiver date,
Buyer may waive such unsatisfactory conditions and proceed in accor-
dance with all other terms of this Contract, after which date all
conditions shall be deemed satisfied or waived.
If upon the waiver date, any of the above conditions are not
satisfied and Buyer does not waive the same, Buyer may declare in
writing this Contract to be null and void and of no further force
and effect whatsoever, upon which happening Seller shall return
Buyer's deposit and each party shall execute and deliver a full
release of and to the other.
3. Survey: The Seller, within time allowed for delivery of
evidence of title shall have the property surveyed at the Seller's
expense. If the survey, certified by a registered Florida surveyor,
shows any encroachment of said property or that improvements in-
tended to be located on the property encroach on lands of others,
or violate any of the Contract covenants, the same shall be treated
as a title defect.
4. Inspection Rights: Commencing upon the date of this Con-
tract and extending through closing hereunder, Buyer shall have the
right to enter upon the subject property personally or through
(initial)
-1-
(initial)
~,,
/' agents, employees, contractors and representatives for the purposes
of making topographical surveys of same, making rock and soil tests
thereon and in general making tests, analyses and investigations
of the property.
5. Forfeiture of Investigative Data: In the event Buyer
should cause this Contract to be cancelled at such time as would
result in Buyer forfeiting the deposit paid hereunder, all the
investigative data such as topographical surveys, soil tests and
analyses shall be forfeited to the Seller.
6. Balance to Close: At the option to Buyer, Buyer may pay
at closing the balance to close as specified in Paragraph 2(e) of
this Contract, or in the alternative and provided there are no legal
prohibitions, Buyer shall pay at closing one-half (1/2) of the
balance to close, and the other one-half (1/2) of the balance to
close shall be paid upon completion and acceptance by the Buyer of
the municipal complex.
(initial)
(initial)
-2-
(/ ~~'~,
~M/A RANTY DEED _
INDIVID. TO INDIV ID ~-
1557 0566
'phis Warranty deed blade the 15th SEI~'~'` ~~fC0.~1~ne
MADELEINE M. LUTTRELL, a single person
of
A. D. t y 8 4 by
hereinafter called t{te grantor, to
THE CITY OF WINTER SPRINGS, a Florida incorporated municipality
FL 32708
whose postoffice address is 400 N. Edgemon Avenue, Winter Springs,
hereinafter called the grantee:
theh heirsr legal repro entati es and as signs o(n ndis4dualsc' andclthe sulccessorspaands asignsls ofnscorpo atiotnsa
~itnesseth: That t{te grantor, for and in consideration of the sum of $ 10.00 and other
valuable considerations, receipt wherrof is hereby acknoutlc•dged, hereby grants, bargains, sells, aliens, re-
mises, releases, conveys and confirms unto the grantee, all that certain land situate to Seminole
County, Florida, viz:
Lots 1 through 25 and including Hooo£e2ndtStreetLoftLuttrell
Lane, and the South One-Half (S'~)
Park according to the plat thereof as recorded in Plat Book
11, Page 44 of the Public Records of Seminole County, Florida,
being a portion of Lot 27, Block B of D.R. Mitchell's Survey
of the Levy Grant as recorded in Plat Book 1, Page 5 of the
Public Records of Seminole County, Florida, lying North ~,~, ~
easterly of State .Road 419 (Sanford-Oviedo Road) . „ ;~~ ~o
~ •~5-- r~ T~ ~
__ ~ ~ o
pocumentary Tax Pd. S ~ ' •, _ m
:.~~ °
Intangible Tax Pd' Q°
~ r- -~ rn
lD S, n ~
Beckwith J Clerk Seminol~
Arthur N• ~ -` c ~ "^
D.O.
County BYt o~ !"' -~+ v
.~
together with all the tenements, {tereditaments and appurtenances thereto belonging or in any-
wise appertaining.
~o ~aue and to }fold, the some in fee simple forever.
~nd the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land
in fee simple; that the grantor has good right and lawful authority to sell and convey safd land; that the
grantor hereby fully warrants the title to said Iand and will defend the same against the lawful claims of
all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent
to Dorderhowe~ver,athisestatementsshallenottserveato reimposessame.
roc ,
~n witness whereof, the said grantor has signed and sealed these presents the day and year
first above written.
Sig~~e nd delivered in our presence:
---~ - ~ ~
STATE OF FLORIDA
COUNTY OF ORANGE
-o
:~
I HEREBY CERTIFY that on this day, before me, an officer duly
authorized in the State aforesaid and in the County aforesaid to take
acknowledgments, personally appeared
MADELEINE M. LUTTRELL, a single person
to me known to be the person a know edged before me that utShe e
foregoing instrument and She
executed the name.
~~~~'"""'~,,,~~ WITNESS my hand and official seal in the County and
tr+4 r ti•. State last aforesaid this 15th day of
5.,,....... !'Pj~~ J ne , n. n. l~ 4 .,
~.. ~.
....
,> ~ ± _, ~
• ............ ..... .......i$otary'Pubfic:'Stafe~'of"Fiond`a rg~
.:, r ~ ~-• .~ . ~.. terry 1~ub lie
My,Commission expires Jan. 23, 19861
•~~T,bis~i~r~girt prepared G : patricia R. Mueller, Esq.
~~•,.. .~%~''~ ~`' Swann and Haddock, P.A.
~A~~,,~' ~grl~zid~°,XF~4~2802-0640
:.,,
MA'DELEINE M. LUTTRELL
SPACE REIOW FOR RECORDERS USE
RESOLUTION N0. 449
A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA,
AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE ALL
DOCUMENTS NECESSARY TO CLOSE ON THE PURCHASE OF THE
LUTTRELL PROPERTY FOR THE CONSTRUCTION OF A MUNICIPAL
COMPLEX FOR THE CITY OF WINTER SPRINGS; CONFLICTS AND
EFFECTIVE DATE.
WHEREAS, the City Commission has authorized the acquisition of
the Luttrell Property for the construction of a municipal complex for the
City of Winter Springs, Florida, and
WHEREAS, it is necessary for the Mayor and City Manager to
execute certain documents to close on the Luttrell property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF WINTER SPRINGS, FLORIDA:
SECTION I. That the Mayor and City Manager are hereby
authorized to execute all documents necessary to close on the purchase of
the Luttrell property for the municipal complex for the City of Winter
Springs.
SECTION II. That this resolution shall remain in force until
supplemented, amended, repealed or otherwise altered.
SECTION III. That all resolutions or parts of resolutions in
conflict with this resolution are hereby repealed.
SECTION IV. That this resolution shall take immediate effect
upon its passage and approval.
PASSED and ADOPTED this /~.,L( day of ~,~~~.._ , 1984.
CITY OF WINTER SPRINGS
/ ~,
`~ ~-~
,--C-~ ~~
JOH V. TORCASO, MAYOR
ATTEST:
CIT%' CLERI
~~~
s RffiOLUTION NO. ~ ~ •;,/~
-~~' ~ ,
A RESOLUTION PROVIDING FOR THE ACQUISITION, CONSTRUC-
TION AND ERECTION OF MIIAIICIPAL IMPROVBMENT3 FOR TA8
CITY OF WINTER SPRINGS, FLORIDA: AUTAORIT~NG THE
ISSUANCE BY THE CITY OF NOT BRCBEDING X3,900,000
IMPROVEMENT REVBNUB BONDS, SERIES 1984 TO FINANCE A
PART OF THE COST THEREOF; PROVIDING FOR THE PAYMENT
OF THE BONDS; PROVIDING FOR THB RIGHTS OF THE HOLDERS
OF THE BOND6; AND PROVIDING AN BFFEC7ZYE DATE.
WHEREAS, the City of Winter Springs, Florida (the "City"), pursuant to
Resolution No. 251, duly adopted by the City Council of the City on February 27, 1979
(the "Original Resolution"), authorized the City's Improvement Revenue Bonds, Series
19?9 (the "Parity Bonds"); and
WHEREAS, the City desires to issue additional bonds payable on a parity with,
and subject to the same terms, limitations and conditions as the Parity Bonds, all in the
manner hereinafter set forth; NOW THEREFORB
BE IT RESOLVED BY TAB PEOPLE OF THE CITY OF WINTBR SPRINGS,
FLORIDA, as follows:
ARTICLE I
GENERAL
3e~ction 1.01. Authority for this Resolution. This Resolution is adopted
pursuant to the provisions of Chapter 72-718, Laws of Florida, Special Acts of 1972, as
amended and supplemented being the Charter of the City of Winter Springs, Chapter 166,
Part Q, Florida Statutes, and other applicable provisions of law, and pursuant to Article IV
Section 18 of the Original Resolution, and is supplemental to said Original Resolution.
Capitalized terms used in this Resolution shall have the same meanings assigned to them
in the Original Resolution unless otherwise specified herein.
Section 1.02. Findings. It is hereby found and determined that:
(A) It is necessary and desirable and in the interests of the health, welfare
and safety of the citizens and inhabitants of the City that land be acquired and a
municipal complex constructed thereon, such complex comprising a building and/or
buildings housing administrative offices and the police department, together with
improvement and paving of certain streets of the City, particularly Moss Road, including
other purposes necessary, incidental or appurtenant thereto (herein called "Municipal
Improvements").
The Municipal Improvements described above shall be constructed and under-
taken in accordance with plans and specifications therefor prepared by the consulting
engineers, at an estimated cost of not exceeding X3,900,000, which shall be paid with the
proceeds of the sale of the Bonds herein authorized (the "1984 Bonds"). The cost of the
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• construction of said Municipal Improvements shall be deemed to include, without being
limited to, the acquisition of any lands or interest therein, engineering, financial and legal
expenses, a reasonable reserve for debt service, expenses for plans, specifications and
surveys, interest during construction, if any, bond discount, if any, bond insurance, if any,
administrative expenses and such other expenses as may be necessary or incidental to the
financing authorized by this Resolution, including the cost of any fixtures, equipment or
property necessary or convenient therefor, and the construction and acquisition of the
Municipal Improvements authorized by this Resolution and the placing of same in
operation.
(B) Pursuant to authority contained in Section 166.231, Florida Statutes, and
other applicable provisions of law, the City of Winter Springs did, under date of October
24, 197?, enact an ordinance levying a tax (hereinafter called "Public Service Tax"), on
each and every sale of electricity, metered or bottled gas, water, local telegraph and
telephone service within the corporate limits of the City, and it is deemed necessary and
desirable to pledge the proceeds of the Public Service Tax to the payment of the principal
of and interest on the Bonds to be issued pursuant to this Resolution.
(C) Pursuant to its Charter and other applicable provisions of law, the City
of Winter Springs did, under date of May 3, 1971, as the Village of North Orlando
(predecessor to said City of Winter Springs), enact an ordinance by which the city granted
to the Florida Power Corporation, for a period of thirty years from July 1, 1971, a
franchise to construct, maintain and operate electric light and power facilities for the
purpose of supplying electricity to the City and its inhabitants. In consideration of the
granting of said franchise and pursuant to said ordinance, said Florida Power Corporation,
its legal representatives, successors and assigns, is required to pay annually to said City,
and the City has the power to levy and collect, an amount which added to the amount of
all taxes, licenses and other impositions levied or imposed by the City on the Corporation
for the preceding tax year, will equal six percent (6q6) of the revenues of said Florida
Power Corporation from the sale of electric energy in the City (hereinafter referred to as
"Franchise Fees"); that is deemed necessary and desirable to pledge the proceeds of the
Franchise Fees available for such purpose to the payment of the principal of and interest
on the Bonds to be issued pursuant to this Resolution.
(D) The Public Service Tax and Franchise Fees (hereinafter collectively
called "Excise Taxes"} will be sufficient to pay, as the same shall become due and payable,
the principal of and interest on the 1984 Bonds and the principal of and interest on the
Parity Bonds.
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(E) The City is not in default in the performance of any of its covenants or
obligations under the Original Resolution, and all payments required as of this date to be
made to the funds and accounts established under the Original Resolution have been made
to the full extent required.
(F) The City is authorized to issue the 1984 Bonds as additional parity
obligations within the authorization contained in Article N, Section 18 of the Original
Resolution, and all provisions fog .the issuance of Additional Parity Bonds under said
Article N Section 18 have been met. The 1984 Bonds shall be issued on the same terms
and conditions as the Parity Bonds and shall be on a parity and rank equally, as to lien on
and source and security for payment solely from Excise Taxes.
(G) This instrument is declared to be and shall constitute a contract between
the City and all of the holders of the 1984 Bonds; and the covenants and agreements
herein set forth to be performed by the City are and shall be for the equal benefit,
protection and security of all of the legal holders of any and all of the 1984 Bonds, all of
which shall be of equal rank and without preference, priority or distinction of any of the
1984 Bonds over any other.
(H) The City is not, under this instrument, obligated to levy any ad valorem
taxes on any real or personal property situated within its corporate territorial limits to
pay the principal of or interest on the Bonds or to pay the cost of maintaining, repairing
and operating the System. The 1984 Bonds shall not constitute a lien upon any property of
the City situated within its corporate territorial limits.
Section 1.03. Project Authorized. The City is hereby authorized to con-
struct the Praject as defined in Section 1.02 (A) above.
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ARTICLB II
AUTHORIZATION, TERMS, BXBCUTION AND RBGI3TRATION OF 1984 BONDS
Section 2.01. Authorization of 1984 Bonds. Subject and pursuant to the
provisions of this Resolution, obligations of the City to be known as "Improvement
Revenue Bonds, Series 1984" (the "1984 Bonds") are hereby authorized to be issued in an
aggregate principal amount not exceeding X3,900,000 for the purpose of providing funds to
pay a part of the cost of the Project.
Section 2.02. Deacxiption of 1984 Bonds. The 1984 Bonds shall be dated as of
1984; shall be numbered consecutively, from one upward; shall be in the
denomination of #5000 each or integral multiples thereof; shall bear interest at such rates
not exceeding the legal rate per annum, payable on October 1, 1984 and semiannually
thereafter on April t and October 1 of each year; and shall be in the denominations, be
numbered and mature on April t of each year; as the City shall hereafter by resolution
designate. Each 1984 Bond shall bear interest from the date of its authentication and
delivery. The 1984 Bonds shall be in fully registered form, shall be payable with respect
to principal at the corporate trust office of the paying agent hereafter named; and shall
be payable in lawful money of the United States of America payable in accordance with
and pursuant to the terms of this Resolution and the 1984 Bonds. Interest on the 1984
Bonds shall be payable by draft or check mailed to the person in whose name such Bond is
registered, at his address as it appears on the Bond Register, at the close of business on
the 15th day of the month (whether or not a business day) next preceding the interest
payment date (the "Record Date") irrespective of any transfer of this Bond subsequent to
such interest payment date, unless the City shall be in default in payment of interest due
on such interest payment date. In the event of any such default, such defaulted interest
shall be payable to the person in whose name this Bond is registered at the close of
business on a special record date for the payment of defaulted interest as established by
notice mailed by the Registrar to the Registered Holder of the Bond not less than fifteen
days preceding such special record date. Such notice shall be mailed to the person in
whose name such Bond is registered at the close of business on the fifth (5th) day
preceding the date of mailing. All amounts due hereunder shall be payable in any coin or
currency of the Utited States, which is, at the time of payment, legal tender for the
payment of public and private debts.
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3eetion 2.03. Negotiability and Registration.
A. The 1984 Bonds shall be and shall have all of the qualities and incidents
of negotiable instruments under the Uniform Commercial Code -Investment Securities of
the State of Florida, and each successive holder, in accepting any of the 1984 Bonds shall
be conclusively deemed to have agreed that such Bonds shall be and have all of the
qualities and incidents of negotiable instruments under the Uniform Commercial Code -
Investment Securities of the State of Florida.
B. The City shall cause books for the registration and the transfer of the
1984 Bonds to be kept by the Registrar. Bonds may be transferred upon the registration
books, upon delivery to the Registrar, if the Bonds are accompanied by written instrument
or instruments of transfer in form and with guaranty of signature satisfactory to the City
and the Registrar, duly executed by the owner of the Bonds to be transferred or his
attorney-in-fact or legal representative, containing written instructions as to the details
of the transfer of such Bonds, along with the social security number or federal employer
identification number of such transferee and, if such transferee is a trust, the name and
social security or federal employee identification numbers of the settlor and beneficiaries
of the trust, the date of the trust and the name of the trustee. No Lransfer of any Hond
shall be effective until entered on the registration books maintained by the Registrar.
C. In all cases of the transfer of a 1984 Bond, the Registrar shall enter the
transfer of ownership in the registration books and shall authenticate and deliver in the
name of the transferee or transferees a new fully registered Bond or Bonds of authorized
denominations of the same maturity and interest rate for the aggregate principal amount
which the registered owner is entitled to receive at the earliest practicable time in
accordance with the provisions of this Resolution. The City or the Registrar may charge
the owner of such Bond for every such transfer of a Bond in an amount sufficient to
reimburse them for their reasonable fees and for any tax, fee, or other governmental
charge required to be paid with respect to such transfer, and may require that such charge
be paid before any such new Bond shall be delivered.
D. All 1984 Bonds delivered upon transfer or exchange shall bear interest
from such date that neither gain nor loss in interest shall result from the transfer or
exchange.
E All 1984 Bonds presented for transfer, exchange, redemption or payment
(if so required by the City), shall be accompanied by a written instrument or instruments
of transfer or authorization for exchange, in form and with guaranty of signature
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. satisfactory to the City, duly executed by the registered holder or by his duly authorized
attorney.
F. The City may charge the Bondholders a sum sufficient to reimburse the
City for any expenses incurred in making any exchange or transfer of 1984 Bonds, and the
City may require payment from the Bondholder of a sum sufficient to cover any tax, fee
or other governmental charge that may be imposed in relation thereto. Such charges and
expenses shall be paid before any such new 1984 Bond shall be delivered.
G. The Registrar shall not be required (i) to transfer or exchange any 1984
Bonds during a period beginning at the opening of business on the 15th business day next
preceding either any interest payment date or any date of selection of 1984 Bonds to be
redeemed and ending at the close of business on the interest payment date or day on
which the applicable notice of redemption is given or (ii) to transfer or exchange any 1984
Bonds selected, called or being called for redemption in whole or in part.
H. New 1984 Bonds delivered upon any transfer or exchange shall be valid
limited obligations, evidencing the same debt as the 1984 Bonds surrendered, shall be
secured by this Resolution and shall be entitled to all of the security and benefits hereof
to the same extent as the 1984 Bonds surrendered.
I. The person in whose name is registered any 1984 Bond may be deemed
the owner thereof by the City, and any notice to the contrary shall not be binding upon
the City.
Section 2.04. Provisions for Redemption. 1984 Bonds shall. be subject to
redemption prior to their respective stated dates of maturity, at the option of the City, at
such times and in such manner as may be fixed by resolution of the City adopted prior to
the delivery of the 1984 Bonds.
Provided, however, that at least thirty (30) days prior to the redemption date,
written notice of such redemption shall be given to the paying agents for the 1984 Bonds
and to each of the registered owners at their respective addresses as they appear upon the
registration books of the Registrar.
Section 2.05. Faeaution of Bads. The 1984 Bonds shall be executed in the
name of the City by its Mayor, and the corporate seal of the City or a facsimile thereof
shall be impressed thereon, attested and countersigned by its Clerk. The facsimile
signature of such officers may be imprinted or reproduced on the Bonds, provided that at
least one signature required to be placed thereon shall be manually subscribed. In case
any one or more of the officers who shall have signed or sealed any of the 1984 Bonds or
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.. _ _ __ _ _
~,:
whose facsimile signature shall appear thereon shall cease to be such officer of the City
before the 1984 Bonds so signed and sealed have been actually sold and delivered, such
1984 Bonds may nevertheless be sold and delivered as herein provided and may be issued
as if the person who signed or sealed such Bonds had not ceased to hold such office. The
validation certificate endorsed on the 1984 Bonds shall be executed with the manual or
facsimile signature of the Mayor. Any 1984 Bond may be signed and sealed on behalf of
the City by such person who at the actual time of the execution of such 1984 Bond shall
hold the proper office of the City, although at the date of such 1984 Bonds such person
may not have held such office or may not have been so authorized. The City may adopt
and use for such purposes the facsimile signatures of any such persons who shall have held
such offices at any time after the date of the adoption of this instrument, notwithstanding
that either or both shall have ceased to hold such office at the time the 1984 Bonds shall
be actually sold and delivered.
Section 2.06. 1984 Bonds Mutilated, Destroyed, Stolen or Lost. In case any
1984 Bond shall become mutilated, or be destroyed, stolen or lost, the City may in its
discretion issue and deliver a new 1984 Bond of like tenor as the 1984 Bond so mutilated,
destroyed, stolen or lost, in exchange and substitution for such mutilated 1984 Bond, upon
surrender and cancellation of such mutilated 1984 Bond, or in lieu of and substitution for
the Bond destroyed, stolen or lost, and upon the owner furnishing the City satisfactory
• indemnity and complying with such other reasonable regulation and conditions as the City
may prescribe and paying such expenses as the City may incur. All 1984 Bonds so
surrendered shall be cancelled by the Clerk. if any such Bonds shall have matured or be
about to mature, instead of issuing a substitute 1984 Bond the City may pay the same,
upon being indemnified as aforesaid, and if such 1984 Bond be lost, stolen or destroyed,
without surrender thereof.
Any such duplicate 1984 Bonds issued pursuant to this section shall constitute
original, additional contractual obligations on the part of the City whether or not the lost,
stolen or destroyed 1984 Bonds be at any time found by anyone, and such duplicate 1984
Bonds shall be entitled to equal and proportionate benefits and rights as to lien on and
source and security for payment from the funds, as hereinafter pledged, to the same
extent as all other 1984 Bonds issued hereunder.
Section 2.07. Form of 1984 Boru~. The text of 1984 Bonds shall be in
substantially the following form, with only such ommissions, insertions and variations as
may be necessary and/or desirable and approved by the Mayor prior to the issuance
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thereof (which necessity and/or desirability and approval shall be presumed by his
execution of the Bonds and the City's delivery of the 1984 Bonds to the purchaser
thereof):
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No. R-
(Form of Bond)
IINl'I'ED STATES OF AMERICA
STATE OF FLORIDA
CITY OF WINTER SPRINGS
IMPROVEMENT REVENIIE BOND6, SBRIffi 1984
Interest Rate Maturity Date Date of Original Issue
Registered Owner:
Principal Amount: Dollars
Cusi
RNOW ALL MEN BY TH&4B PRESENTS, that the City of Winter Springs,
Florida, a municipal corporation created and existing under and by virtue of the laws of
the State of Florida (the "City"), for value received, hereby promises to pay on the
Maturity Date identified above, to the Registered Owners identified above, or registered
assigns, the Principal Amount shown above solely from the revenues hereinafter
mentioned, and to pay solely from such revenues, interest on said sum, from the Date of
Original Lssue, at the Rate of Interest per annum set forth above until payment of such
sum, such interest being payable on October 1, 1984 and semiannually thereafter on the
first days of April and October in each year. The principal of and premium, if any, on this
Bond are payable at , , as Paying Agent, or
its successor, in lawful money of the United States of America. Payment of the interest
hereon shall be made in lawful money of the United States of America to the registered
owner hereof by check or draft mailed to such registered owner at his address as it
appears on the registration books of , as Registrar, or at such other
address as is timely furnished in writing by such registered owner to the Paying Agent, at
the close of business on the 15th day of the month (whether or not a business day) next
preceding the interest payment date (the "Record Date") irrespective of any transfer of
this Bond subsequent to such interest payment date, unless the City shall be in default in
payment of interest due on such interest payment date. In the event of any such default,
such defaulted interest shall be payable to the person in whose name this Bond is
registered at the close of business on a special record date for the payment of defaulted
interest as established by notice mailed by the Registrar to the Registered Holder of the
Bond not less than fifteen days preceding such special record date. Such notice shall be
mailed to the person in whose name such Bond is registered at the close of business on the
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fifth (5th) day preceding the date of mailing. All amounts due hereunder shall be payable
in any coin or currency of the United States, which is, at the time of payment, legal
tender for the payment of public and private debts.
This Bond is one of an authorized issue of Bonds in the aggregate principal
amount of ~ of like date, tenor and effect, except as to number, denomina-
tion, interest rate (if all Bonds do not bear the same rate of interest) and date of
maturity, issued to finance a part of the cost of acquisition of land and the construction
thereon of a municipal complex consisting of administration offices and a police station,
together with improvement and paving of certain streets of the City, particularly Moss
Road, all in the City of Winter Springs, under the authority of and in full compliance with
the Constitution and Statutes of the State of Florida, particularly Chapter 72-?18, Laws
of Florida, Special Acts of 1972, as amended and supplemented, Chapter 166, Part II,
Florida Statutes, and other provisions of law, and Resolution No. 251, duly adopted by the
City on February 27, 1979, as amended and supplemented (the "Original Resolution"), and
particularly as supplemented by a resolution of the City duly adopted on January 10, 1984,
as amended and supplemented (such Original Resolution and resolution are collectively
referred to as "Resolution"), and is subject to all the terms and conditions of the
Resolution.
This Bond and the interest hereon are payable solely from and secured by a
lien upon and a pledge of the proceeds of the Public Service Tax imposed by the City on
the purchase of certain utilities services within the corporate limits of the City, under the
authority of Section 166.231, Florida Statutes, and pursuant to an ordinance enacted by
the City on October 24, 1977, and the proceeds of Franchise Fees to be paid for a period
of thirty (30) years from July 1, 1971, by the Florida Power Corporation, pursuant to an
or. dinance enacted by the former Village of North Orlando (predecessor to the City) on
May 3, 1971 (such tax and fees, above described, are herein collectively referred to as
"Excise Taxes") in the manner provided in the Resolution.
It is provided in the Resolution that the Bonds of this issue will rank on a
parity, equally and ratably, as to lien on and pledge of the Excise Taxes with the City's
Improvement Revenue Bonds issued in the original principal amount of 5600,000,
authorized by Resolution No. 251, duly adopted by the City on February 27, 1979 (herein
referred to as the "Parity Bonds").
This Bond does not constitute an indebtedness of the City within the meaning
of any Constitutional, statutory or charter provisions or limitations. It is expressly agreed
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by the holder of this Bond, that such holder shall never have the right to require or compel
the exercise of the ad valorem taxing power of said City, or the taxation of real estate in
said City, for the payment of the principal of and interest on this Bond or the making of
any sinking fund, reserve, or other payments provided for in the Resolution. It is further
agreed between the City and the holder of this Bond that this Bond and the obligation
evidenced thereby shall not constitute a lien upon any property of or in the City, but shall
constitute a lien only on the Excise Taxes in the manner provided in said Resolution.
(Insert Redemption Provisions)
Notice of such redemption shall be given in the manner required by the
Resolution.
It is hereby certified and recited that all sets, conditions and things required
to exist, to happen and to be performed precedent to and in the issuance of this Bond,
exist, have happened and have been performed, in regular and due form and time as
required by the Laws and Constitution of the State of Florida applicable thereto, and that
the issuance of this Bond, and of the issue of Bonds of which this Bond is one, does not
violate any constitutional, statutory or charter limitations or provisions.
This Bond shall have such attributes of negotiability as are provided for under
the Uniform Commerical Code -Investment Securities of the State of Florida.
IN WITNffiS WHEREOF, the City of Winter Springs, Florida, has issued this
Bond and has caused the same to be executed in its name and on its behalf by its Mayor
and its corporate seal to be impressed hereon, and attested and countersigned by its
Clerk, all as of , 19
CITY OF WINTER SPRINGS, FLORIDA
Mayor
(SEAL)
ATTESTED AND COUNTERSIGNED:
Clerk
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VALIDATION STATBMBNT
This Bond is one of a series of Bonds which has been validated by judgment of
the Circuit Court for Seminole County, Florida rendered on , 19
Mayor
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PROVISION FOR ASSIGNMENT
FOR VALUE RECENED, the undersigned
(the "Transferor") hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
(insert social security or .taxpayer identification number of Transferee) (the
"Transferee") , as attorney to register the transfer of the within Bond on the
books kept for registration thereof, with full power of substitution in the premises.
Dated
Signature Guaranteed
Date of Authentication:
• CERTIFICATE OF AUTHENTICATION OF BOND REGLSTRAR
This Bond is one of the issue of the within described Bonds. The Rate of
Interest, Maturity Date, Registered Holder and Principal Amount shown above are correct
in all respects and have been recorded, along with the applicable federal taxpayer
identification number and the address of the Registered Holder, in the Bond Register
maintained at the office of the undersigned.
By
Authorized Signature
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ARTICLE III
COVENANTS, SPECIAL FIIND3 AND APPLICATION THEREOF
Section 3.01. 1984 Bonds Not to be Indebtedness of City. The 1984 Bonds
shall not be or constitute general obligations or indebtedness of the City as "Bonds" within
the meaning of all statutory and constitutional provisions of the State of Florida, but shall
be payable solely from and secured by a lien upon and pledge of the Excise Taxes, as
herein provided. No owner or holder of any 1984 Bond issued hereunder shall ever have
the right to compel the exercise of any ad valorem taxing power to pay such 1984 Bond or
the interest thereon, or be entitled to payment of such 1984 Bond from any funds of the
City except from the Excise Taxes, in the manner provided herein.
Section 3.02. Security for 1984 Bonds. The payment of the debt service of
all of the 1984 Bonds issued hereunder shall be secured forthwith equally and ratably by a
pledge of and a lien upon the Excise Taxes collected by the City, such lien to be on a
parity with the pledge of and lien upon the Excise Taxes pledged for the Parity Bonds.
The City does hereby irrevocably pledge such funds to the payment of the principal of and
interest on the 1984 Bonds and to the payment into the Sinking Fund at the times provided
oY the sums required to secure to the holders of the 1984 Bonds issued hereunder the
payment of the principal of and interest thereon at the respective maturities of the 1984
Bonds so held by them.
Section 3.03. Application o! 1984 Bonds Proceeds. All moneys received from
the sale of the 1984 Bonds to be issued under the provisions of this Resolution shall be
disbursed and applied as hereinafter provided.
(A) Accrued interest, if any, received upon the delivery of the 1984 Bonds
shall be deposited in the Sinking Fund.
(B) Costs of issuance of the 1984 Bonds shall be deposited into a special
account of the Construction Fund referred to below and used for paying costs of issuing
the 1984 Bonds.
(C) An amount equal to the largest amount of principal and interest which
will mature and become due in any ensuing fiscal year on the 1984 Bonds shall be
deposited into the Reserve Account in the Sinking Fund.
(D) The balance of the proceeds of sale of the Bonds shall be deposited by
the City in a special fund in a bank or trust company and designated the "Construction
Fund", and shall only be used for and applied by the City solely to the payment of the cost
of the Municipal Improvements, as provided in this Resolution, and for no other purpose.
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~ If for any reason the moneys in said Construction Fund, or any part thereof, are not
necessary for, or are not applied to the purposes provided in this Resolution, then such
unapplied proceeds shall be deposited by the City, upon certification by the consulting
engineers that the Municipal Improvements have been completed and that such surplus
proceeds are not needed for the payment of the cost thereof, to pay the cost of other
paving and drainage improvements or, in the discretion of the City, may be deposited into
the Sinking Fund, held therein and used solely for the purpose of said Fund.
The holders of the 1984 Bonds shall have no responsibility for the use of, nor
have any lien upon, such moneys, but shall have a lien only upon the Excise Taxes, as
herein provided. Such proceeds of sale of the 1984 Bonds, pending their use in the manner
in this Resolution provided, may be temporarily invested by the City in direct obligations
of the United States of America or in bank Certificates of Deposit maturing not later
than the dates upon which such moneys will be needed. The income from such
investments shall remain in said Construction Fund and shall be considered trust or escrow
funds.
The City's share of any liquidated damages or other moneys paid by defaulting
contractors or their sureties, and all proceeds of insurance compensating for damages to
the Project during the period of construction, shall be deposited in the Construction
Account to assure completion of the Project.
When the Construction of the Project has been completed and all construction
costs have been paid in full, all funds remaining in the Construction Account shall be
deposited in the Sinking Fund, and the Construction Account shall be closed.
Section 3.04. Covenants of the City. So long as any of the principal of,
interest on and redemption premiums, if any, with respect to any of the 1984 Bonds shall
be outstanding and unpaid, or until provision for payment thereof has been made pursuant
to Section 4.04 of this Resolution, or until there shall have been set apart in the Sinking
Fund, including the Reserve Account therein, a sum sufficient to pay, when due, the
entire principal of the 1984 Bonds remaining unpaid, together with interest accrued and to
accrue thereon, the City covenants with the holders of any and all of the 1984 Bonds
issued pursuant to this instrument as follows:
The 1984 Bonds shall for all purposes be considered to be additional parity
obligations issued under the authority of Article N Section 18 of the Original Resolution
and shall be entitled to all the protection and security provided therein for the Parity
Bonds, as respectively issued, and shall be in all respects entitled to the same security,
rights and privileges enjoyed by the Parity Bonds as to payment from the Excise Taxes
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' therein pledged. The covenants and pledges contained in the Original Resolution shall be
applicable to the 1984 Bonds in like manner as applicable to the Parity Bonds. The
principal of, interest on and redemption premiums on the 1984 Bonds shall be payable
from the Sinking Fund established by the Original Resolution on a parity with the Parity
Bonds and payments from the sources set forth in the Original Resolution shall be made
into such Sinking Fund by the City in amounts fully sufficient to pay the principal of and
interest on the Parity Bonds and the principal and interest on the 1984 Bonds as such
principal and interest come due. The Reserve Account established by the Original
Resolution shall be applicable pro rata to the 1984 Bonds in the same manner as applicable
to the Parity Bonds.
The City covenants that it will continue to levy and collect the Excise Taxes,
in such amount as will be sufficient to pay all principal and interest on the Parity Bonds
and all principal and interest on the 1984 Bonds as such principal and interest come due.
The City covenants and agrees that it will take no action which will cause lower Excise
Taxes to be levied and collected than would be sufficient to pay all principal and interest
on the Parity Bonds and all principal and interest on the 1984 Bonds as the same shall
become due.
LKL-01/12/84-627A-1567 -16-
ARTICLB IV
MLSCBLLANBOUS PROVISIONS
Section 4.01. Modification or Amendment. No material modification or
amendment of this instrument or of any instrument amendatory hereof or supplemental
hereto, may be made without the consent in writing of the holders of two-thirds or more
in principal amount of the 1984 Bonds then outstanding; provided, however, that no
modification or amendment shall permit a change in the maturity of such 1984 Bonds or a
reduction in the rate of interest thereon, or in the amount of the principal obligation, or
affect the unconditional promise of the City to levy and collect the Excise Taxes, or to
pay the principal of and interest on the 1984 Bonds as the same shall become due from the
Excise Taxes, or reduce the percentage of such 1984 Bands the written consent of the
holders of which are required by this Section for such modifications or amendments,
without the consent of the holders of all such 1984 Bonds.
Section 4.08. Creation of Superior Liens. The City covenants that except as
provided in the Resolution, it will not issue any other Bonds, certificates or obligations of
any kind or nature or create or cause or permit to be created any debt, lien, pledge,
assignment or encumbrance or charge payable from or enjoying a lien upon the Excise
Taxes ranking prior and superior to or on a parity with the lien created by this Resolution
for the benefit of the 1984 Bonds.
Section 4.03. Arbitrage. The City at all times while the 1984 Bonds and the
interest thereon are outstanding will comply with the requirements of Section 103(c) of
the Internal Revenue Code of 1954 and any valid and applicable rules and regulations
promulgated thereunder.
Section 4.04. Defeasance. If, at any time, the City shall have paid, or shall
have made provision for payment of, the principal, interest and redemption premiums, if
any, with respect to the 1984 Bonds, then, and in that event, the pledge of and lien on the
Excise Taxes in favor of the holders of the 1984 Bonds shall be no longer in effect. For
purposes of the preceding sentence, deposit of United States Government Securities or
bank certificates of deposit secured as to principal and interest by United States
Government Securities (or deposit of any other securities which may be authorized by law
from time to time and sufficient under such law to effect such a defeasance) in
irrevocable trust with a banking institution or trust company, for the sole benefit of the
Bondholders, in respect to which such United States Government Securities or certificates
of deposit, the principal and interest received will be sufficient to make timely payment
LKL-01/08/84-627A-1567 _17_
a,
Y
7
of the principal, interest, and redemption premiums, if any, on the outstanding 1984
Bonds, shall be considered "provision for payment". Nothing herein shall be deemed to
require the City to call any of the outstanding 1984 Bonds for redemption prior to
maturity pursuant to any applicable optional redemption provisions, or to impair the
discretion of the City in determining whether to exercise any such option for early
redemption.
Section 4.05. Severabil~ty of Invalid Provisions. If any one or more of the
covenants, agreements or provisions of this Resolution or of the 1984 Bonds should be held
contrary to any express provision of law or contrary to the policy of express law, though
not expressly prohibited, or against public policy, or shall for any reason whatsoever be
held invalid, then such covenants, agreements or provisions shall be null and void and shall
be deemed separate from the remaining covenants, agreements or provisions of this
Resolution and of the 1984 Bonds.
3eetion 4.06. Sale of 1984 Bonds. The 1984 Bonds shall be issued and sold in
such mannner and at such price or prices consistent with the provisions of this Resolution,
all at one time or in installments from time to time, as shall be hereafter determined by
resolution of the governing body of the City.
Section 4.07. Validation Authorised. The City Attorney is hereby authorized
and directed to institute appropriate proceedings in the Circuit Court for Seminole
County, Florida, for the validation of the 1984 Bonds and the proper officers of the City
are hereby authorized to verify on behalf of the City any pleadings in such proceedings.
Section 4.08. Conflicts Repealed. All resolutions or parts of resolutions in
conflict herewith are hereby repealed.
Section 4.09. Effective Date. This instrument shall take effect immediately
upon its passage.
Passed this 10th day of January, 1984, A.D.
(SEAL.)
(ATTEST)
By~1
City Clerk
LKL-01/08/84-827A-1567
-18-
CITY OF WINTER SPRINGS, FLORIDA
i STATE OF FLORIDA
COUNTY OF SEMINOLE
I, Mary T. Norton, City Clerk of the City of Winter Springs, Florida, do hereby
certify that the above and foregoing is a true and correct copy of a resolution as the same
was duly adopted at a meeting of the City Council held on the 10th day of January, 1984,
and as the same appears on record in my office.
IN WITNFS3 WHBRBOF, .I have hereunto set my hand and official seal this _
day of January, 1984.
By: i ~ ~~
(SEAL) City Clerk
LKL-01/08/84-827A-156? -lg-
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CITY OF WINTER SPRINGS, FLORIDA
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone (305) 327.1800
January 3, 1985
Mrs. Madeleine M. Luttrell
1280 N. Orange Avenue
Winter Springs, Florida 32708
Reference: Contract for Sale and Purchase of Lots 1 through 25 including
hoover Street and Luttrell Lane, Luttrell Park as recorded in
Plat Book 11, Page 44, Public Records of Seminole County,
Florida - Final Payment
Dear Mrs. Luttrell:
Per your letter of November 28, 1984 please find our check made out to
you in the amount of $71,616.65 as payment in full for the value of the
referenced property.
Construction of the municipal complex is well underway and we look
forward to occupying the facility the first week of August.
Thank you for your consideration in this matter and we look forward to
having you join us at the official opening of the facility.
n erely,
I OF WI TE SPRINGS
i har Rozan y,
City Manager
Encl.
RR/mn
cc: Tom Lang
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CITY OF WINTER SPRINGS, FLORIDA
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone (305) 327-1800
Jan. 3, 1985
Attorney Tom Lang
Swann & Haddock
P. 0. Box 640
Orlando, F1. 32802-0640
Dear Attorney Lang:
Enclosed please find letter to Mrs. Luttrell from the City Manager for
your records.
Yours truly,
CITY OF WINTER SPRINGS
Mary T. Norton,
City Clerk
enc.
CERTIFIED MAIL
RECEIPT REQUESTED
November 28, 1984
City Commission
City of Winter Springs
City Hall
Winter Springs, Florida 32708
Res Agreement Between M. M. Luttrell and City of Winter Springs.
Honorable Commissions
As you are aware subject Agreement was executed by the City and me
on June 15, 1984. It dealt with the City's purchase of my Hwy 419
property for a new municipal complex. Per this Agreement, please be
advised via this notice I am calling for payment of the balance of
SEVENTY-ONE THOUSAND SIX HUNDRED SIXTEEN AND 65/100 DOLLARS ($71,616.65)
30 days after receipt of this document. I trust these monies will be
made available to me the first week in January, 1985.
I await the order of your intent to disburse the aforementioned funds.
Respectfully Yours, -~"~ ~~
M. M. Luttrell
1280 N. Orange Ave.
Winter Springs, Florida 32708
(305) 327-1309
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CITY OF WINTER SPRINGS, FLORIDA
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone (305) 327-1800
August 27, 1984
Mr. James L. Robards
1860 Via Jenoa
Winter Park, Florida 32789
Dear Mr. Robards:
The City of Winter Springs has recently acquired a piece of
property almost directly across from the Indian Woods Plobile Home
Park. The purpose of the purchase was to acquire property, centrally
located, on which to construct a municipal complex. We are presently
in the engineering phase.
Mr. Gordon Monday, of Hampton, Monday and Associates, P.A., has
suggested I contact you regarding the possibility of your water company
supplying the City with water to the site.
Your consideration will be greatly appreciated. Should you require
additional information of a technical nature, please contact Mr. Monday
at 644-2606 or my office at City Hall.
i cerely,
I Y OF W NT R SP INGS
Ric and Roza y,~
City Manager
RR/mn
cc: City Attorney
City Manager
Hampton, Monday & Associates, P.A.
City Clerk
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CITY OF WINTER SPRINGS, FLORIDA
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone (305) 327-1800
MEMO T0: Finance
SUBJECT: Revenue Improvement Bonds 1984 Series
DATE: June 14, 1984
1. Issue a check for $71,760.43 to Swann and Haddock, P.A. The purpose for the
check is to purchase the M. M. Luttrell property per contract dated February 17,
1984. The amount represents one-half of the purchase price and the City will
recoop the funds when the issue accounts are established.
2. Utilize line code 24-61.1
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Richard Rozan y
City Manager
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CITY OF WINTER SPRINGS
GENERAL FUND
PH. 305-327-1800
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
' A f A R R A N T~~ .. ,..» Ire ~ ~~ "~M ~"..~,.,r.
YY BN?_ 3643 4 ~ _~»...,flr ~;,~I I~„ p ~ .II~N~I., ~I '' I., 1 .. I
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ORDER
OF
TROPIC BANIt~
Casaelberry, Floritla 32707 OF aE M~NOIE
Winter Springs Office
June 14. t9..$4_
Swann and Haddock
Professional Association
o sr
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11'00 7 7 3 711' ®x:06 3 i08 3 LBO: 0 2 L 500006411'
??3?
83-831
831
X71 X760.43
DETACH AND RETAIN THIS STATEMENT
CITY OF WINTER SPRINGS THE ATTAONED CHECK IS IN PAYMENT OF ITEMS DESCRIBED BELOW.
GENERAL FUND IF NOT CORRECT PLEASE NOTIFY UB PROMPTLY. NO RECEIPT DESIRED.
DELUXE - FORAA WVC-2 V-2
OATS I DESCRIPTION I AMOUNT
6-14-84
To purchase the M. M. Luttrell property per contract dated
February 17, 1984; this check represents one-half of the purchase
price.
$71,760.43
24-61.1
~om ~. 1~i.nfo~.c~ CRea.CttJ eo., ~nc.
425 Longwood - 17v~.cdo cRoad
J OSL lJ`riCE ~OX 292
~intet eS~atings, ~Cotida 3209
Jn-fzonc ~3o5J327-~3~5
~~~~ ~`.
MAC 24 ~
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Cd ~rs~i~
May 23, 1984 nc~~
Mr. Richard Rozansky, City Manager
City of Winter Springs
City Hall
Winter Springs, Florida 32708
Re: Closing on City Municipal Complex Property per M. M. Luttrell.
Dear Mr. Rozansky:
This letter will confirm our discussion of yesterday. Mrs. Luttrell
and Mr. Torn Lang, Winter Springs City Attorney, have agreed to close
on subject property on Friday, June 15, 1984. At that time it is
understood that title will be conveyed and funds disbursed. Mr. Lang
is to forward the closing documents to me for Mrs. Luttrell's perusal
several days prior to closing.
Sincerely,
~_ 1
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Tom A. Binford, resident
cc: M. M. Luttrell
Torn Lang
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CITY OF WINTER SPRINGS, FLORIDA
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone (305) 327.1800
May 21, 1984
MEMORANDUM
T0: Attorney Tom Lang
FROM: Mary Norton, City Clerk %~~~ ~~
SUBJECT: Contract for site for City Hall
Enclosed please find a copy of the contract with Mrs.
M. M. Luttrell for the purchase of the site for the proposed municipal
complex for the City of Winter Springs.
Also enclosed is a copy of the Agenda for the Commission
Meeting on Tuesday, May 22, 1984.
Has Mr. Rozansky talked to you about Item D? If he hasn't
could you please call him.
AGREEMENT
9. D.
THIS AGREEMENT made this ~ ~ day of /y~,g~y 1984, by
and between the City of Winter Springs, hereinafter referred to
as the "City", and Doudney Surveyors, Inc., hereinafter referred
to as the "Surveyor", provides as follows:
1. Surveyor shall perform the following services for that
property wherein City is contemplating construction of its
municipal complex:
A. Complete architectural use survey
B. Topo with grades and contours
C. Easements
D. All access streets and roads adjacent
to the property
E. All sewer and water lines with invert
elevations
F. Power and telephone poles and lines
G. Trees over ten (10) inches in diameter
H. Boundary and legal description
I. Any other erratic normally found
on a complete survey.
DO
2. City shall pay Surveyor the sum of $ ~D.OD per hour
for said services. Surveyor shall bill monthly for said services.
In no event shall Surveyor incur fees in excess of $3zDDEsTO ~ for
the services listed in paragraph one above and in no event shall
the City be liable to Surveyor for any sum in excess of that
amount.
3. Surveyor guarantees the quality and accuracy of its
work.
4. Surveyor shall complete the work described herein on or
before ,3pth day of ~~,~~,~ ~D 1984.
5. This agreement shall be construed in aeco~dance with
Florida law.
DAVID A. DOUDNEY, esident RICHARD R. ROZA SKY City Manager
Doudney Surveyo~,'~Inc. City of Pinter pri gs
~om og. ~i.nfozc~ ~EaCty ~o., ~nc.
425 ~on9wood - l~vi,cc~o cRoad
~intct cS~stln9s, ~Cotida 32707
J~- eonc ~3o'5~327-135
Mr. Richard Rozansky, City Manager
City of Winter Springs
City Hall
Winter Springs, Florida 32708
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~~g ~ 81984
diY of WIPlTER SPRINGS'
. pIY HAIL
f,
February 24, 1984
Re: Proposed Municipal Complex Site, Luttrell to City of Winter Springs.
Dear Mr. Rozansky:
As discussed previously, Mrs. Luttrell is ready for Doudney to survey
subject property. However, it would be more economical for all parties
if the survey, topo, etc. were conducted at the same time by Doudney.
Doudney requires both City and Luttrell permission to get started.
Mrs. Luttrell has no problem with closing in the offices of Swann and
Haddock, P.A., if that is what the City desires. However, she will
not pay any legal fees for closing. We can close at any title company
from which we acquire the title policy for no closing charges whatso-
ever except, ofcourse, for the normal charges for title policy, doc
stamps, etc. Incidentally, Mrs. Luttrell has agreed to let Swann and
Haddock, P.A. supp y e isle policy•
? Should you have any comments and/or questions regarding the above,
please advise.
Sincerely,
~~
Tom A. Binford
b b ~~,N r A .,Q~t~' I~ / ~~ .~,
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ec: M. M. Luttrell
y
TAB: Z'Ilyl
U~y~f,
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FFq ~ 4 1984
~,ir
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,p~,~u~zn,a~raa~~~
CDMUND T. BAXA.JR. /^~~~
PAUL M. BOWEN i1' """"' J
JEAN ELLE O. BRONSON ,!k~i~N,~F,d~Aarr6allo~d,aL~
PAUL F. BRYAN "~_~_G~_
DWI6MT 1. COOL
GRACE ANNE 6LAVIN
EDWARD E. HADDOCK, JR.
ALLAN J. KAT2
FRANK C. KRUPPENBACM ER REPLY TO: ORLAN DO
EDWARD L.KUTTER
THOMAS F. LANG
PETER 6. LATHAM
PATRICIA RETHWILL MUELLER
RICHARD R.SWANN February 22, 1984
THOMAS R. T[DCA8TL[
MARTIN B. UNO[R ~
DAVID A.W[BST[R 4R, I'r .~'~ (~Ij CT ,~,.~
JAMES 6. WILLARO GG I ,,.. .,..
`~r tM ~j ~_ z J
PERVIE P. SWANN
PATRICK F. MARON EY yt. AA p^{ s~{~q~
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Mr. Thomas A. Binford
425 Longwood-Oviedo Road
Winter Springs, Florida 32708
Re:
Dear Tom:
PITY of N~I':TE`~ 5P~{hlGS
CITY H~CI
IN ORLANDO:
SUIT[ 1100
13S WEST CENTRAL BOULEVARD
POST OFFICE BOX B40
ORLANDO. FLORIDA 32802-0640
(305) 428-3G3B
IN TALLAHA83EE:
SUITE •BO
BARN ETT BANK BUILDING
316 SOUTH CALHOUN STREET
TAL`LAHASS6E~ FLORIDA .72301
(B 04) 224-0634
Luttrell s/t Winter Springs
We have returned the proposed contract for the purchase
of the Luttrell property to Dick Rozansky. To avoid any confusion,
I wanted to write to explain how I understood the proposed
transaction to be structured.
1. Closing will occur upon notification of the
closing of the Winter Springs Improvement
Bonds Series 1984 and the release of the
proceeds to City for appropriate distribution.
(Assuming all conditions precedent have been
satisfied.)
2. At closing, the buyer will receive a General
Warranty Deed and the seller will have no
further rights in or to the property and
shall be entitled solely to receive any
unpaid balance of the purchase price,
without interest, pursuant to one of the
"two pay-out" plans described in the contract
(preferably the two payment plan).
3. The buyer's obligation to pay shall be payable
solely from the proceeds of the Bond sale.
4. Any claim on the part of the seller to
non-ad-valorem revenues of the City shall
be junior and subordinated to the rights
of Bondholders of the City's Bonds. ^ ~ ~~
p~ CEO
F E B 24 1984
nlrv _e ull~lTrn nnm~lno
• .u1.11XL117t/.ll~G~~s2s~L[OC/C~
Thomas A. Binford
February 22, 1984
Page Two
I do not foresee any problems with this arrangement and
I would anticipate two payments. The first payment in early
May of 1984 and the second payment upon completion of the
building (approximately February of '85).
Please contact me immediately if this explanation is
not consistent with your or the seller's understanding of the
transaction.
Very truly yours,
J
Thoma ~ g
TFL/tp
cc: Mr. Dick Rozansky
~.
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CITY OF WINTER SPRINGS
400 NORTH EDGEMON AVENUE DEPARTMENT PURCHASE ORDER
REQUISITION NO : O 0 ~ 3 , 2
WINTER SPRINGS, FLORIDA 32708
(305) 327-1800 NO#
DATE: DEPARTMENT: SIGNATURE:
~ TT~
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2/22/84 General Government
VENDOR NAhIE DATE ORDERED
Tom A. Binford Realty Co., Inc.
P.O.Box 292
Winter Springs, F1. 32708
QTY UNIT DESCRIPTION UNIT TOTAL
ORDERED PRICE PRICE
- - For down a ment (De osit) for urchase of
-- ~ Y-- - - _~ -- _ - p --
~- -- ~
---
- --
1
~
--
I
- - - --
_ Luttrell Pro ert for Munici al Com lex
--_ P ~' - --- p -P- -- - - - 500.00
--- - - __ _ __
--- - _ I _ _ _ _ _ __
~- --_
- - L - - - ---- -- -
- - -- - ___ _ - ~ - 1 - -- --
l
- _
L - - ~ - -- - ---
___ -- ---
Charge_Line Code: 24-31,3A Amount: 500.00 Balance: 12,875.00
Charge Line Code: Amount: Balance:
Charge Line Code: Amount: Balance:
Char e Line Code: Amount:. Balance:
4' ..: T
~~
Char a Line Code: Amount: - ~ ,Balance: TOTAL: $500.00
~ ,, _
~~
FINANCE OFFICE i/p-V~_ Appr~pvee~ Disapproved Datep2-v2-oZ ~'~/
CITY MANAGER Approved. disapproved Date
ate Paid: 02002"~' Amount Paid:' S~~ U7 Check N0: 7~ y ~1
COQ/%' (tom Y ~~~%'Y ~'~~\
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CITY OF WINTER SPRINGS, FLORIDA
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone (305) 327.1800
February 20, 198>~
Frank Kruppenbacher, Esq.
Swann & Haddock
135 W. Central Blvd. Suite 1100
P . 0 . Box 61+0
Orlando, Florida 32£02-061+0
Reference: Luttrell Contract (February 17, 1981-I)
Dear Frank:
Attached please find a copy of the Luttrell Contract executed by the
Mayor and Mrs. Luttrell.
The owner made changes to paragraphs 1 and 6 of the Special Clauses.
We need to set down and resolve the matter as quickly as possible as I
believe she will be leaving the country shortly.
S cerel ,
pi a Rozansky
City Pdanager
RR/pkl
Enclosure
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PARDUE, HElD, CI-llJRCH, SMITH & WALLER, INC.
APPRAISAL
OF
7 . 553.:t. ACRE SITE
LOCATED ON STATE ROAD 419
WINTER SPRINGS, FLORIDA
FOR
CITY OF WINTER SPRINGS
A FLORIDA INCORPORATED MUNICIPALITY
400 NORTH EDGEMON AVENUE
WINTER SPRINGS, FLORIDA 32708
DATE OF VALUATION
MAY 12, 1984
FINAL VALUE ESTIMATE
$150,000
PREP ARED BY
E. E. WALLER, III, MAl, SRPA, ASA
~~~@;aw~@
MAY 21 1984
CITY of WINTER SPR,,~GS
CITY MANAGER
ORLANDO · WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
APPRAISERS. REALTORS. CONSULTANTS & MARKET ANALYSTS
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MAIN OFFICE
1412 WEST COLONIAL DRIVE
ORLANDO, FLORIDA 32804
(305) 841-3602
BRANCH OFFICE
RAYMOND OFFICE PLAZA
2161 PALM BEACH LAKES BLVD.
SUITE 417
WEST PALM BEACH, FL 33409
(305) 471-9050
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William P. Pardue, Jr.. MAl, SREA. CAE
Robert L. Held, MAl, SRPA
Larry A. Church, MAl. SREA
Frank W. Schieber. Jr., MAl
William C. Smith. MAl, CAE, SREA
R. E. Duckworth. Sr.. MAl
E. E. Waller, III. MAl, SRPA. ASA
Steven L. Marshall. MAl, SRPA
Craig T. Duckworth, MAl
May 17, 1984
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City of Winter Springs
A Florida Incorporated Municipality
400 North Edgemon Avenue
Winter Springs, Florida 32708
Gentlemen:
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We have, at your request, appraised the vacant property commonly known as
Lots 1 - 25, Luttrell Park on State Road 419, Seminole County, Florida.
The purpose of the appraisal was to estimate the market value of the fee
simple interest in the property, as if incorporated and zoned commercial by
the City of Winter Springs, Florida.
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We estimated the market value of the fee simple interest in the property,
as if incorporated and zoned commercial by the city of Winter Springs,
Florida, effective May 12, 1984, was:
ONE HUNDRED FIFTY THOUSAm> DOLLARS
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($150,000).
The property appraised is identified fully in the text of the appraisal
report. Your attention is directed to the usual "General Assumptions",
"General Limiting Conditions" and "Certificate of Appraisal" attached.
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Respectfully submitted 'l\tl~
PA~go~
E. E. \-Taller, III, HAl, SRPA, ASA
EmV' :cs
84-287
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PARDUE, HElD, CHURCH, SMITH & WAlLER, INC.
TABLE OF CONTENTS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
PHOTOGRAPHS
LOCATION NAP
NEIGHBORHOOD DATA
PLAT OF SURVEY
SITE DATA
HIGHEST AND BEST USE
DISCUSSION OF VALUE
COMPARABLE LAND SALES MAP
COMPARABLE LAND SALES 1 THROUGH 4
CERTIFICATE OF APPRAISAL
GENERAL ASSUMPTIONS
GENERAL LIMITING CONDITIONS
APPRAISERS' QUALIFICATIONS
PAGE
1
2
5
6
7
8
9
10
12
13
17
18
19
20
ORLANDO. WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WAlLER, INC.
84-287
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUBJECT PROPERTY
Address:
Legal Description:
Interests Appraised:
Five Year History:
Flood Hazard Statement:
zoning:
Most Recent
Assessment and Taxes:
SUBJECT LAND
Dimensions and Size:
Highest and Best Use:
Estimated Land Value:
SUBJECT IMPROVEMENTS
Type of Use:
VALUE INDICATIONS
By Market Approach:
FINAL VALUE ESTIMATE
State Road 419
Lots 1-25 Luttrell Park according to Plat Book 11,
Page 44 of the Public Records of Seminole County,
Florida. (see survey attached)
Fee simple
Madeline M. Luttrell (current owner)
Reference to Map 120289 Panel l35B indicates the
subject is not in a flood hazard zone.
Presently in Seminole County with a classification
of A-I, (Agricultural); proposed annexation by the
city of Winter Springs, Florida, with a
classification of C-2 (General Commercial/Industrial
District)
1983 - Assessed land value was $18,850; taxes were
$244.88.
7 . 553:!:. acres
Future commercial development serv1ng a rapidly
growing area
$150,000
Proposed municipal complex
$150,000
Effective May 12, 1984
$150,000
ORLANDO. WEST PALM BEACH. TAMPA
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84-287
PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
2
VIEW OF STATE ROAD 419 LOOKING SOUTH
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ORLANDO. WEST PALM BEACH. TAMPA
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84-287
PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
3
Vlffiol OF SOUTHWEST CORNER OF SUBJECT
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Vlm1 OF SOUTHEAST CORNER OF SUBJECT
ORLANDO. WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER,INC.
4
84-287
VIEW OF INDIANS WOOD MOBILE HOME PARK ACROSS STATE ROAD 419 FROM SUBJECT
VIEW OF NURSERY (LAND SALE 2)
ORLANDO · WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
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6
84-287
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NEIGHBORHOOD DATA
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A neighborhood is defined in terms of common characteristics, trends, and
grouping of similar or complementary land uses.
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The subject neighborhood is primarily vacant land in character; approximately 5%
developed and is in a state of growth and transition. Much of the land in the
area is presently zoned Agricultural by Seminole County.
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The boundaries of the neighborhood are deemed to be properties located adjacent
to State Road 419 and the easterly boundary begins at the intersection of
Tuscawilla Road and the State Road 419/434 intersection. The subject is near
the easterly boundary of the neighborhood.
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The subject property is generally typical of the neighborhood.
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The market for properties such as the subject is in balance. Typical marketing
time for the subject is estimated to be six to twelve months.
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Neighborhood factors of particular significance to the appraisal include rapid
development of residential projects in the nearby area which gives the potential
for increased demand for commercial services.
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The neighborhood, generally, is estimated to present a desirable economic
background for real estate investment with a view toward possible increases in
value.
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ORLANDO · WEST PALM BEACH. TAMPA
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Plat of Survey for
The Cjty of Wjnter Sprjngs
StlmJnoltl County. FlorJd/l
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lXJLONEY BUILDING. 200 [As1 CO/>fNERCIAL S1REE1
SANFORD. FLORIDA 3277J
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
8
83-287
SITE DATA
Area
The area of the site calculated from the preceding
plat of Survey is 7.553 acres.
Topography:
The site is generally level, slightly below street
grade. It is well wooded with numerous mature
trees.
Drainage:
The site appears to have adequate drainage; there is
no evidences of low, wet land.
Soil and Subsoil:
Only a visual surface inspection of the property was
made. No soil or subsoil problems were apparent.
The appraisers assume no further responsibility for
those matters. Reference: Item 6 of General
As sumptions .
Street Improvements
and Access:
The subject has 334.30 feet of frontage on State
Road 419. At pr esent, th is is the only access to
the site. State Road 419 is a two-lane, asphalt
paved right-of-way.
Utilities and Services:
There is no sewer or water service to the property
at the present time.
OR LANDO · \NEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
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9
84-287
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HIGHEST AND BEST USE ESTIMATE
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The highest and best use of real property is that use which, at the date of
appraisal, is the most profitable likely use. The estimation of highest and
best use involves consideration of zoning and other legal restrictions, physical
adaptability of the property, and suppy and demand factors.
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Considering the subject land, as if vacant, the highest and best use estimate is
future commercial or light industrial development.
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The most significant factors leading to this estimate were the location of the
subject in reference to the rapidly expanding residential areas both southeast
and west of the subject, the high traffic count on State Road 419 and the
current commercial zoning of the three recent property sales lying north of the
subject on the easterly side of State Road 419.
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ORLANDO. WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WAlLER, INC.
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84-287
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DISCUSSION OF VALUE
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The value of property tends to be set by the cost of acquiring an equally
desirable substitute property. Recent sales, if any, of property similar to the
subject, tend to indicate such costs or values. Such sales are called
comparable sales. Adjustments are made for differences between the comparable
sales and the subject resulting in adjusted sale prices that are then indicative
of the value of the subject property.
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A total of six sales were located of fairly recent date, four of which are used
for comparison purposes in this report. Two of the sales have not been included
either by reason of location off a major roadway in the area, or by virtue of
size and motivation on the part of a purchaser. A discussion of the four sales
used for comparison are as follows:
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Sale 1 occurred September 8, 1983 involving approximately one acre of improved
land located on the northeasterly side of State Road 419, immediately adjacent
to the northwesterly boundary of the subject property. The sale price of this
property was $40,000 reflecting a unit price of $40,000 per acre. This parcel
had approximately 200 feet of frontage on the easterly side of State Road 419
and was zoned C-l by the city of Winter Springs. This sale was adjusted upward
8% to account for the time of sale. The sale was adjusted downward 50% for size
and shape of the parcel in comparison to the subject property and adjusted 10%
to account for the present annexation and zoning status of this sale. This sale
indicated a per acre value in the subject property of $19,200.
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Sale 2 occurred July 15, 1983 at a price of $45,000. It involved approximately
two acres of land indicating a price of $22,500 per acre, more or less. This
parcel had 150 feet of frontage on the easterly right-of-way line of State Road
419 and formed an ilL" shape around the sale discussed in this report as Sale 1.
This sale was zoned C-l by the city of Winter Springs. This sale was adjusted
upward 10% to account for the passage of time since the sale occurred. A
downward adjustment of 15% was made to primarily account for the smaller size of
this parcel in comparison to the subject, however, considerable recognition was
given to the "L" shape and loss of utility resulting from the configuration.
This sale was adjusted downward an additional 10% to account for the fact that
it was already annexed and zoned by the city of Winter Springs. The net
adjustment to this sale was minus 15% producing an indication of value per acre
in the subject property of $19,125.
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Sale 3 occurred October 15, 1982 at a price of $56,700. The parcel contained
approximately 1.89 acres with 550 feet of frontage on the east side of State
Road 419. The indicated sale price per acre was $30,000. This parcel was
triangular in shape and abutted the northwesterly property line of the
previously discussed Sale 2. This sale was involved in a trade of properties
between grantees and grantors and the value assigned to this property in that
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ORLANDO. WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
11
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trade was verified at $56,700. This sale was adjusted downward 40% for its
smaller size as well as its shape. There was some lesser utility to this parcel
than to Sale 1 as a result of its triangular shape. A minus 10% adjustment was
made to reflect the fact that this parcel had been annexed into the city of
Winter Springs and zoned C-1. This sale was adjusted upward 19% to account for
the passage of time since the transaction occurred producing a net downward
adjustment of 31%. The indicated value in the subject as a result of this
analysis was $20,700 per acre.
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Sale 4 occurred May 23, 1983 at a total price of $108,500. The parcel had 3.59
acres, more or less, at a price per acre of $30,223. This parcel had 450 feet
of frontage on the east side of Moss Road in the city of Winter Springs. This
parcel was also zoned C-1. This sale property was adjusted upward 12% to
account for the passage of time since the transaction occurred. This location
was considered to be 30% superior to the subject property being in a populated,
active area of the city. A downward adjustment of 10% was made for the fact
that it was already in the city of Winter Springs and had been zoned C-1. This
produced a net minus adjustment of 28% and an indication of value in the subject
property of $21,760 per acre.
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Sale 1, 2 and 3 were immediately adjacent to the subject property and produced a
fairly close range of value indications. Recognition must be given to the fact
that these three sales all involved smaller parcels of land than the subject
property and an intercomparison with larger parcels was not possible since the
larger sales with similar location had not occurred in the marketplace as of the
date of this valuation. Sale 4 was approximately half the size of the subject
property, however, required an exceptionally large locational adjustment.
Placing greatest weight upon Sales 1, 2 and 3, the indications reflected a value
of approximately $20,000 per acre in the subject which, when multiplied by 7.553
acres, indicated $151,060. In accordance with the market's tendency to deal in
round numbers, it is my opinion that the market value of the subject property,
as of May 12, 1984, was $150.000.
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ORLANDO · WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WAlLER, INC.
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Comparable Land Sales
12
r.
..., ~
-:.
..ORANGE
OLD AtvrORi 9.RO
: ;'
---
OVIEDo ~.
RD.
seaboard
COqS
.,,:
,I I.~:.-,
" --' ,s:,N
) :')ale :2
'5'~
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SUi-lRI
VILLA
1412 WEST COLONIAL DRIVE. ORLANDO. FLORIDA 32804 (305) 841-3602
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
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3816
84-287
LAND SALE 1
LOCATION
This sale is located on the east side of State Road 419,
approximately 1/2 mile north of Tuscawilla Road in Winter
Springs, Florida.
LEGAL
DESCRIPTION
Lengthy, legal describing part of Lot 26, Block B, of D. R.
MITCHELL'S SURVEY OF THE LEVY GRANT, Plat Book 1, Page 5,
Public Records of Seminole County. Please refer to the
de ed .
GRANTOR
Frank C. Carter
GRANTEE
William G. Belcher, et al
SALE DATE
September 1983
SALE PRICE
$40,000
FINANCING
Cash to seller
VERIFICATION
William Belcher
RECORDED
O. R. Book 1486, Page 1135, Seminole County, Florida.
DESCRIPTION
Site
This site is rectangular in shape, but with 200 feet of
angular frontage along Oviedo Road (State Road 419). It is
wooded and slightly below road grade. This property was
considered as one acre for this transact ion al though it is
shown on tax rolls as 1.09 acres. Sewer is not available in
this area.
PROPOSED USE
Grantee intends to construct a funeral home.
ZONING
C-l (Neighborhood Commercial Winter Springs)
COMMENTS
This site is adjacent to the northwest boundary of the
subject property.
ANALYSIS
The sale price reflects $0.92 per square foot, $200 per
front foot, and $40,000 per acre.
ORLANDO. WEST PALM BEACH · TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
14
3828
84-287
LAND SALE 2
LOCATION
This sale is located on the easterly side of State Road 419,
approximately 200 feet north of the subject property.
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LEGAL
DESCRIPTION
Lengthy legal in file.
GRANTOR
Frank C. Carter
GRANTEE
William & Susan Gatfield
SALE DATE
July 1983
SALE PRICE
$45,000
FINANCING
Cash to seller
VERIFICATION
Susan Hatfield, Grantee
RECORDED
O. R. Book 1472, Page 1358
DESCRIPTION
Site
This site is "L" shaped with approximately 150 feet of
angular frontage on State Road 419. The site consisted of
approximately 2~ acres of heavily wooded vacant land,
slightly above road grade. The easterly boundary of this
site is adjacent to the northwesterly boundary of the
subject property.
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PROPOSED USE
Grantee intended to construct a nursery.
ZONING
C-l (Neighborhood Commercial Winter Springs)
COMMENTS
This site has been improved with a nursery s~nce the sale.
ANALYSIS
The sale price reflects $0.52 per square foot, $300 per
front foot, and $22,500 per acre.
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ORLANDO. WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
15
3818
84-287
LAND SALE 3
LOCATION
This sale is located on the east side of State Road 419,
approximately 1/2 mile north of Tuscawilla Road, Winter
Garden, Florida.
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LEGAL
DESCRIPTION
A part of Lot 26, Block B, of the D. R. MITCHELL'S SURVEY OF
THE LEVY GRANT, according to the plat thereof, recorded in
Plat Book 1, Page 5, Public Records of Seminole County.
Please refer to deed.
GRANTOR
Frank C. Carter
GRANTEE
Jeno F. pau1ucci
SALE DATE
November 1982
SALE PRICE
$56,700*
FINANCING
None reported
VERIFICATION
Agent for grantee
RECORDED
O. R. Book 1422, Page 1871, Seminole County, Florida.
DESCRIPTION
Site
This is a vacant, wooded parcel containing 1.892 acres. The
shape is triangular with approximately 548 feet along Oviedo
Road (State Road 419). The site is slightly below road
grade. Water would be available but sewer is not in the
area at present.
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PROPOSED USE
Speculation
ZONING
C-1 (Neighborhood Commercial Winter Springs)
COMMENTS
*This property was part of an equal exchange for a lot in
the Meadowlands Subdivision.
ANALYSIS
The sale price reflects $0.69 per square foot, $103 per
front foot and $30,000 per acre.
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ORLANDO. WEST PALM BEACH. TAMPA
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PARDUE, HElD, CffiJRCH, SMITH & WALLER, INC.
16
3820
84-287
LAND SALE 4
LOCATION
This sale is located south of State Road 434 on the east
side of Moss Road, Winter Springs, Florida.
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LEGAL
DESCRIPTION
Lengthy legal describing portions of Lots 52 and 53, Block
D, of D. R. MITCHELL'S SURVEY, according to plat thereof
recorded in plat Book 1, Page 5, Public Records of Seminole
County. Please refer to the deed.
GRANTOR
Florida Land Company
GRANTEE
Christen Homes, Inc.
SALE DATE
May 1983
SALE PRICE
$108,500
FINANCING
Cash to seller
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VERIFICATION
Andy Pughe
RECORDED
O. R. Book 1459, Page 1600, Seminole County, Florida.
DESCRIPTION
Site
This is a vacant wooded parcel containing 3.59 acres. The
dimensions are approximately 350' by 450'. This site is
slightly above road grade and sewer and water was available.
PROPOSED USE
Speculation
ZONING
C-l (Neighborhood Commercial Winter Springs)
ANALYSIS
The sale price reflects $0.69 per square foot, $347 per
front foot, and $30,223 per acre.
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ORLANDO · WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
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CERTIFICATE OF APPRAISAL
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The undersigned appraiser hereby certifies that he has no present or
contemplated future interest in the real estate that is the subject of this
appraisal report; that he has no personal interest or bias with respect to the
subject matter of this appraisal report or the parties involved; that to the
best of his knowledge and belief the statements of fact contained in this
appraisal report (upon which the analyses, opinions and conclusions expressed
herein are based) are true and correct; that this appraisal report sets forth
all of the limiting or qualifying conditions (imposed by the terms of this
assignment or by the undersigned) affecting the analyses, opinions and
conclusions contained in this report; that no one other than the undersigned
prepared the personal, unbiased, professional ana1ysies, conclusions and
opinions concerning real estate that are set forth in this appraisal report
unless and except as acknowledged in this report; and that the fee is in no way
contingent upon the amount or type of conclusions reached.
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The appraisal analyses and opinions were developed and this appraisal report has
been prepared in conformance with (and the use of this report is subject to) the
requirements of the Code of Professional Ethics and Standards of Professional
Practice of the American Institute of Real Estate Appraisers of the National
Association of Realtors, which includes the provisions for peer review. We do
not authorize the out-of-context quoting from or partial reprinting of this
appraisal report; and neither all nor part of this appraisal report shall be
disseminated to the general public by the use of any public communications media
without the prior written consent of the undersigned appraisers.
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The American Institute of Real Estate Appraisers conducts a voluntary program of
continuing education for its designated members. MAls and RMs who meet the
minimum standards of this program are awarded periodic educational
certification. The undersigned MAl was certified under this program through
December 31, 1983.
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The subject of this appraisal report is located on State Road 419, Winter
Springs, Florida.
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The undersigned MAl certifies that he has personally inspected the subject site.
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As a result of my investigation into those matters which affect market value,
and by virtue of my experience and training, I have estimated that the market
value of the fee simple interest in the subject property, effective May 12,
1984, was: $150.000.
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ORLANDO · WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
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GENERAL ASSUMPTIONS
1.
The legal description used in this report is assumed to be correct.
2.
No survey of the property has been made by the appraiser and no
responsibility is assumed in connection with such matters. Sketches in this
report are included only to assist the reader in visualizing the property.
3.
No responsibility is assumed for matters of legal nature affecting title to
the property nor is an opinion of title rendered. The title is assumed to
be good and merchantable.
4.
Information and data furnished by others is usually assumed to be true,
correct and reliable. When such information and data appears to be dubious
and when it is critical to the appraisal, a reasonable effort has been made
to verify all such information; however, no responsibility for its accuracy
is assumed by the appraiser.
5.
All mortgages, liens, encumbrances, leases, and servitudes have been
disregarded unless so specified within the report. The property is
appraised as though under responsible ownership and competent management.
6.
It is assumed that there are no hidden or unapparent conditions of the
property, subsoil, or structures which would render it more or less
valuable. No resP9nsibility is assumed for such conditions or for
engineering which may be required to discover them.
7.
It is assumed that there is full compliance with all applicable federal,
state and local environmental regulations and laws unless noncompliance is
stated, defined and considered in the appraisal report.
8.
It is assumed that all applicable zoning and use regulations and
restrictions have been complied with, unless a nonconformity has been
stated, defined and considered in the appraisal report.
9.
It is assumed that all required licenses, consents or other legislative or
administrative authority from any local, state, or national governmental or
private entity or organization have been or can be obtained or renewed for
any use on which the value estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within
the boundaries or property lines of the property described and that there
is no encroachment or trespass unless noted within the report.
1412 WEST COLO,",IAL DRIVE. ORL\:\DO. FLORIDA 32804 i305) 841-3602
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
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GENERAL LIMITING CONDITIONS
1.
The appraiser will not be required to give testimony or appear in court
because of having made this appraisal, with reference to the property in
question, unless arrangements have been previously made thereof.
2.
Possession of the report, or copy thereof, does not carry with it the right
of publication. It may not be used for any purpose by any person other
than the party to whom it is addressed without the writ ten consent of the
appraiser, and in any event only with proper written qualifications and
only in its entirety.
3.
The distribution of the total valuation in this report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be
used in conjunction with any other appraisal and are invalid if so used.
4.
No environmental impact studies were either requested or made in
conjunction with this appraisal, and the appraiser hereby reserves the
right to alter, amend, revise, or rescind any of the value opinions based
upon any subsequent environmental impact studies, research or
investigation.
5.
Neither all nor any part of the contents of this report, or copy thereof,
shall be conveyed to the public through advertising, public relations,
news, sales or any other media without written consent and approval of the
appraiser. Nor shall the appraiser, firm or professional organization of
which the appraiser is a member be identified without written consent of
the appraiser.
6.
Acceptance of and/or use of this appraisal report constitutes acceptance of
the foregoing General Assumptions and General Limiting Conditions.
1412 WEST COLO:\IAL DRIVE. ORL\.'\DO. FLOHIDA 328041305) 841-3602
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PARDUE. HElD, CHURCH. SMITH & WALLER. INC.
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QUALIFICATIONS OF ELWOOD E. WALLER. III
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Business Address:
Residence Address:
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Pardue, Reid, Church, Smith & Waller, Inc.
1412 West Colonial Drive
Orlando, Florida 32804
Telephone: (305) 841-3602
3511 Rargill Drive
Orlando, Florida 32806
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Education
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Business Administration Bergen College, Hackensack, New Jersey - 1941
USAAF - Syracuse University, Syracuse, New York - 1943
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Successfully completed
The following courses under the direction of the American Institute of Real
Estate Appraisers:
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Course
Course
Course
Course
I - Urban
II - Income Properties
IV - Condemnation
VI - Mortgage - Equity Capitalization
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Seminars
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Ecological Land Use - Orlando, December 1973
Residential Appraisals - Orlando, January 1974
Demonstration Report Writing - Atlanta, May 1974
Applied Capitalization - Orlando, October 1975
Narrative Report Writing - Chapter #2, June 1976
Changing Standards of Neighborhood Analysis - Orlando, 1977
Condemnation Practice - Daytona, 1978
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The following courses under the direction of the Society of Real Estate
Appraisers, Chapter 100:
Principles and Techniques of Real Estate Appraising
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Seminars
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Hortgage - Equity Capitalization, Palm Beach, Florida, 1973
Instant Mortgage - Equity Capitalization - Johnson Technique - Orlando,
1973
Tax Considerations in Real Estate Transactions - Orlando, April 1974
Feasibility Analysis - Orlando, January 1975
Investment Analysis - Orlando, January 1976
Hath-Stat-Finance - Jacksonville, April 1976
Valuation of Leases and Leasehold Interest - Jacksonville, December 1976
Errors and Omissions - Atlanta, December 1977
Basic Money Markets and Economic Analysis - Orlando, December 1978
Applied Capitalization Techniques
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ORLANDO · WEST PALM BEACH. TAMPA
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PARDUE, HElD, CHURCH, SMITH & WAllER,INC.
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QUALIFICATIONS OF ELWOOD E. WALLER, III
(Cont'd)
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The following Seminar under the direction of the Florida Savings and Loan
League:
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Energy Seminar - January 1978
License
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Registered Real Estate Broker - Florida
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Member
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Orlando Area Board of Realtors
Florida Association of Realtors
National Association of Realtors
Member: National Faculty - Appraisal Course Instructor
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American Institute of Real Estate Appraisers
Society of Real Estate Appraisers
American Savings and Loan Institute, Chicago, Illinois
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Professional Designations
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American Institute of Real Estate
Society of Real Estate Appraisers
American Society of Appraisers
FNMA Approval No. 1051356
Appraisers - ~~I
- SRPA
- ASA
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Experience
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Engaged in the appraisal of real estate since January 1964.
Formerly held unlimited General Contractors License in the city of Orlando,
Winter Garden, Cocoa Beach, Orange County and Brevard County, Florida.
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Manager - Real Estate Investments:
Overstreet Investment Company, Orlando, Florida 1966-1975
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Special Master - Tax Assessment Hearings
Seminole County, Florida 1975,1976,1981, 1982, 1983
Orange County, Florida 1978, 1979
Qualified Expert Witness - Circuit Courts:
Orange County, Seminole County, and Lake County, Florida
Federal Bankruptcy Court and Federal Court
New York County Supreme Court, New York, New York
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ORLANDO · WEST PAUI1 BEACH · TAMPA
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PARDUE, HElD, CHURCH, SMITH & WALLER, INC.
QUALIFICATIONS OF ELWOOD E. WALLER, III
(Cont'd)
Fee Appraiser (Partial List of Clients)
Numerous savings and loan associations
Various commercial banks
Arvida Corporation
American Red Cross
Attorney Generals Office, State of Florida
Auto-Train Corporation
Brunswick Corporation
City of Orlando, Florida
Circus World (Mattel)
Department of Natural Resources, State of Florida
Florida Institute of Technology
Greater Orlando Airport Authority
Holiday Inns of America
Howard Johnsons Corporation, Massachusetts
Orlando Utilities Commission
Orlando-Orange County Expressway Authority
Orange-Seminole-Osceola Transportation Authority
Prudential Insurance Company
St. Johns River Water Management District
Six Flags Corporation
Transamerica Corporation
Travelers Insurance Company
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